Australian dollar traded lowest last week against the USD at 0.8645, before rebounding from the yearly low of 0.866
The retracement ended as the downtrend line holds firm
A failure to breakthrough of the support is expected to see AUDUSD retrace to 0.874
The RBA moves to curb the rise in housing prices has sent hawkish Australian dollar traders running, as the mention of non-interest rate policies cooled their expectations. The Australian housing market has been relatively boosted with its cash rate maintaining at 2.5% for more than a year. Governor Glenn Stevens signaled that he was unwilling to drive house prices higher to speed a reduction in the jobless rate, then at 6.4 percent. The data in mid Sept showed a record 121,000 jobs added in August, driving unemployment down to 6.1 percent.
Trend Direction |
S3 |
S2 |
S1 |
R1 |
R2 |
R3 |
Entry |
Stop Loss |
Exit |
| Bearish / near support | 0.8575 | 0.8645 | 0.866 | 0.874 | 0.88 | 0.885 |
