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5 Dec 2014
AUD/USD supported at 0.8370
FXStreet (Edinburgh) - The Aussie dollar keeps trading on a soft tone at the end of the week, taking AUD/USD to the 0.8375/70 band.
AUD/USD hurt by USD strength
The pair is closing the third consecutive week with losses, coming down non-stop from November tops in the 0.8800 neighbourhood following the upbeat momentum in the US dollar. Second-tier data in Oz saw the Performance of Construction index tracked by AiG dropping to 45.4 in November from 53.4. Next of relevance for the pair will come from the USD side, with the release of November’s Payrolls in the US economy, with consensus pointing to 232K. Sean Callow, Strategist at Westpac, commented, “Stabilization is
probably the best we can expect for AUD crosses short term while AUD/USD should at least probe the 0.82 handle before price action becomes more two-way”.
AUD/USD levels to consider
The pair is now down 0.09% at 0.8377 and a breach of 0.8356 (low Dec.4) would open the door to 0.8315 (low Jul.1 2010) followed by 0.8269 (low Jun.10 2010). On the other hand, the initial hurdle lines up at 0.8429 (hourly high Dec.4) ahead of 0.8470 (high Dec.3) and then 0.8515 (10-d MA).
AUD/USD hurt by USD strength
The pair is closing the third consecutive week with losses, coming down non-stop from November tops in the 0.8800 neighbourhood following the upbeat momentum in the US dollar. Second-tier data in Oz saw the Performance of Construction index tracked by AiG dropping to 45.4 in November from 53.4. Next of relevance for the pair will come from the USD side, with the release of November’s Payrolls in the US economy, with consensus pointing to 232K. Sean Callow, Strategist at Westpac, commented, “Stabilization is
probably the best we can expect for AUD crosses short term while AUD/USD should at least probe the 0.82 handle before price action becomes more two-way”.
AUD/USD levels to consider
The pair is now down 0.09% at 0.8377 and a breach of 0.8356 (low Dec.4) would open the door to 0.8315 (low Jul.1 2010) followed by 0.8269 (low Jun.10 2010). On the other hand, the initial hurdle lines up at 0.8429 (hourly high Dec.4) ahead of 0.8470 (high Dec.3) and then 0.8515 (10-d MA).