AUD/USD upside capped by 0.9700

AUD/USD upside capped by 0.9700

May 30 • Forex News • 2327 Views • Comments Off on AUD/USD upside capped by 0.9700

2013-05-30 06:30 GMT

The Aussie dollar is paring recent losses following its risk-associated peers, picking up pace to the area of 0.9685/90 although still unable to break above 0.9700.

Data wise, Building Permits in Australia expanded 9.1% MoM in April and 27.3% over the last twelve months. The more relevant CAPEX contracted 4.7% during the first quarter although the outlook looks more favourable for the next 2013-2014 period. “While it’s a
positive that firms are currently planning to increase their capex spending in 2013-14, the RBA will maintain an easing bias until there are firm signs that the spending is happening”, commented Spiros Papadopoulos, Strategist at NAB.

The pair is now up 0.51% at 0.9684 with the next resistance at 0.9696 (high May 28) followed by 0.9713 (MA10d) and then 0.9741 (high May 24). On the downside, a breach of 0.9570 (hourly high/lows May 29) would bring 0.9488 (low Oct.5 2011). – (Barcelona)

AUD/USD upside capped by 0.9700

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