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5 Jun 2013
AUD/USD challenging 0.9600
FXstreet.com (Barcelona) - The bearishness around the Aussie dollar has resumed on Wednesday, dragging the pair to test the key support at 0.9600 on Wednesday.
Data wise, the Australian economic activity expanded 2.5% YoY during the first quarter, a tad below forecasts at 2.7%. On a monthly basis, the economy rose 0.6% vs. 0.8% estimated. “The economy is now at that watershed moment as the mining investment boom
has either passed its peak or about to, transitioning to a lower growth plane, awaiting signs of a decisive pick up in other elements of domestic spending… We still expect the RBA to cut the cash rate again, to 2½% in the period ahead, as the economy charts its course through this transitioning period”, assessed David de Garis, Strategist at NAB.
AUD/USD is now losing 0.60% at 0.9592 with the immediate support at 0.9585 (low May 29) ahead of 0.9404 (high 2009) and then 0.9388 (low 2011). On the upside, a break above 0.9792 (high Jun.3) would bring 0.9842 (high May 21) and finally 0.9889 (MA200w).
Data wise, the Australian economic activity expanded 2.5% YoY during the first quarter, a tad below forecasts at 2.7%. On a monthly basis, the economy rose 0.6% vs. 0.8% estimated. “The economy is now at that watershed moment as the mining investment boom
has either passed its peak or about to, transitioning to a lower growth plane, awaiting signs of a decisive pick up in other elements of domestic spending… We still expect the RBA to cut the cash rate again, to 2½% in the period ahead, as the economy charts its course through this transitioning period”, assessed David de Garis, Strategist at NAB.
AUD/USD is now losing 0.60% at 0.9592 with the immediate support at 0.9585 (low May 29) ahead of 0.9404 (high 2009) and then 0.9388 (low 2011). On the upside, a break above 0.9792 (high Jun.3) would bring 0.9842 (high May 21) and finally 0.9889 (MA200w).