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20 May 2014
AUD/USD dips to 2-week low
FXStreet (Edinburgh) - The Aussie dollar is now rapidly losing the grip, dragging the AUD/USD to test fresh 2-week lows in the area of 0.9275/70.
AUD/USD hurt by iron ore, RBA minutes
Declining prices of iron ore – breached the key barrier at 100 – plus the RBA talking down the Aussie has sent spot through the 0.9300 support on Tuesday. Adding to the heavy trading, market chatter about Australia’s AAA status would be under scrutiny by S&P was also hovering amongst traders, although the agency later stressed the information was wrong. “Public opinion polls for the Australian government following the budget release last week have fallen sharply and we might expect this to be reflected in lower consumer confidence (surveyed last weekend) to be reported on Wednesday. As such we expect to see further declines in the AUD”, commented Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD key levels
The pair is now losing 0.67% at 0.9268 with the next support at 0.9227 (low Apr.29) ahead of 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the upside, a break above 0.9427 (high Apr.11) would aim for 0.9461 (high Apr.10) and then 0.9500 (psychological level).
AUD/USD hurt by iron ore, RBA minutes
Declining prices of iron ore – breached the key barrier at 100 – plus the RBA talking down the Aussie has sent spot through the 0.9300 support on Tuesday. Adding to the heavy trading, market chatter about Australia’s AAA status would be under scrutiny by S&P was also hovering amongst traders, although the agency later stressed the information was wrong. “Public opinion polls for the Australian government following the budget release last week have fallen sharply and we might expect this to be reflected in lower consumer confidence (surveyed last weekend) to be reported on Wednesday. As such we expect to see further declines in the AUD”, commented Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD key levels
The pair is now losing 0.67% at 0.9268 with the next support at 0.9227 (low Apr.29) ahead of 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the upside, a break above 0.9427 (high Apr.11) would aim for 0.9461 (high Apr.10) and then 0.9500 (psychological level).