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1 May 2013
Forex: AUD/USD hovering over 1.0350
FXstreet.com (Barcelona) - The Aussie dollar is prolonging its intraday descent on Wednesday, as the softer commodity prices continue to weight on the cross.
“Declining commodity prices would normally be associated with some decline in the Australian dollar over time. That is still broadly expected to be the case, but for now at least with much of the direction of the AUD determined by quantitative easing from the likes of the Fed and the BoJ, the AUD is continuing to garner support”, assessed by David de Garis at NAB.
AUD/USD is now losing 0.16% at 1.0353 and a breakdown of 1.0347 (MA55d) would expose 10329 (low Apr.30).
On the upside, resistance levels line up at 1.0398 (MA100d) ahead of 1.0399 (high Apr.16) and finally 1.0402 (50% of Apr. decline).
“Declining commodity prices would normally be associated with some decline in the Australian dollar over time. That is still broadly expected to be the case, but for now at least with much of the direction of the AUD determined by quantitative easing from the likes of the Fed and the BoJ, the AUD is continuing to garner support”, assessed by David de Garis at NAB.
AUD/USD is now losing 0.16% at 1.0353 and a breakdown of 1.0347 (MA55d) would expose 10329 (low Apr.30).
On the upside, resistance levels line up at 1.0398 (MA100d) ahead of 1.0399 (high Apr.16) and finally 1.0402 (50% of Apr. decline).