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27 Aug 2013
AUD/USD succumbs below 0.90 in early Tokyo
FXstreet.com (Barcelona) - The AUD/USD is drifting lower in early Tokyo, with the rate marginally breaking through 0.90 after finding no willing buyers on its way back down after a short-lived rise which topped out at 0.9070.
From a technical perspective, "the pair remains favored to the downside, as longer term perspective has not changed" note Valeria Bednarik, Chief Analyst at FXstreet.com, adding that "a break below 0.8990 should favor a retest of 0.8920 area."
Looking at the fundamental backdrop, with the risk of Fed tapering still up in the air, election day a few weeks away and the RBA ready to cut rates again subject to $A value/local data, it is still hard to imagine the AUD/USD making any meaningful comeback.
From a technical perspective, "the pair remains favored to the downside, as longer term perspective has not changed" note Valeria Bednarik, Chief Analyst at FXstreet.com, adding that "a break below 0.8990 should favor a retest of 0.8920 area."
Looking at the fundamental backdrop, with the risk of Fed tapering still up in the air, election day a few weeks away and the RBA ready to cut rates again subject to $A value/local data, it is still hard to imagine the AUD/USD making any meaningful comeback.