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22 Nov 2013
AUD/USD dips below 0.9200
FXstreet.com (Edinburgh) - The Aussie dollar keeps falling against the greenback, dragging the AUD/USD to levels sub-0.9200 on Friday, last seen in early September.
AUD/USD lower on RBA
The pair continues its decline after being rejected by the 0.9700 handle in October, now extending its descent for the fifth consecutive week amidst an overall dovish tone from the RBA and bouts of USD strength linked to the timing of the Fed’s QE taper. Strategists at UBS assessed “The RBA’s tolerance of persistent currency strength seems to be wearing thin too with the mining investment boom peak now upon us. Rhetoric has already intensified, and on Thursday Governor Stevens refused to rule out ‘large-scale intervention’ entirely… Putting all this together, the outlook for the Australian dollar seems challenging and we lower our AUDUSD forecasts to 0.92 (1m) and 0.90 (3m)”.
AUD/USD key levels
At the moment the pair is losing 0.38% at 0.9188 and a violation of 0.9115 (low Sep.6) would bring 0.9038 (low Sep.4). On the upside, the initial hurdle lies at 0.9335 (high Nov.21) ahead of 0.9448 (high Nov.20) and then 0.9530 (high sep.18).
AUD/USD lower on RBA
The pair continues its decline after being rejected by the 0.9700 handle in October, now extending its descent for the fifth consecutive week amidst an overall dovish tone from the RBA and bouts of USD strength linked to the timing of the Fed’s QE taper. Strategists at UBS assessed “The RBA’s tolerance of persistent currency strength seems to be wearing thin too with the mining investment boom peak now upon us. Rhetoric has already intensified, and on Thursday Governor Stevens refused to rule out ‘large-scale intervention’ entirely… Putting all this together, the outlook for the Australian dollar seems challenging and we lower our AUDUSD forecasts to 0.92 (1m) and 0.90 (3m)”.
AUD/USD key levels
At the moment the pair is losing 0.38% at 0.9188 and a violation of 0.9115 (low Sep.6) would bring 0.9038 (low Sep.4). On the upside, the initial hurdle lies at 0.9335 (high Nov.21) ahead of 0.9448 (high Nov.20) and then 0.9530 (high sep.18).