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12 Jun 2013
Aussie continues to build value below 0.9500
FXstreet.com (Barcelona) - Although the rally off the lows down at 0.9324 was impressive, the AUD/USD still finished the session down 30 pips at 0.9431.
AUD/USD unable to shake off weak home loan data
Home loan approval data which was released at 1:30GMT seemed to help set the tone for the early declines. NAB Global Markets went on to discuss the release, noting that although the number did come out positive it was less then what the market was expecting. “Housing finance approvals rose a more moderate 0.8% in April after three months of stronger growth, and shy of our own and market expectations for 2.0% monthly growth. In terms of this headline numbers of loans to owner occupiers, all of it was for “refinancing”. Loan numbers for new housing (construction/ purchase) and to buy an established home were steady to
lower.”
AUD/USD trending indicators still strongly bearish
The current technical set up on the AUD/USD daily chart remains bearish. The first development to take note of is that price has been unable to make any type of serious recovery above the 9 and 20 dma’s. Furthermore, the RSI (14) wasn’t able to achieve any ground above 50 on the last counter trend rally, which is a sign momentum sellers are looking to take advantage of any type of advances and get short form higher levels. Initial resistance remains the 0.9500 area (previous support), while initial support should comes in at 0.9324 (previous day low)
AUD/USD unable to shake off weak home loan data
Home loan approval data which was released at 1:30GMT seemed to help set the tone for the early declines. NAB Global Markets went on to discuss the release, noting that although the number did come out positive it was less then what the market was expecting. “Housing finance approvals rose a more moderate 0.8% in April after three months of stronger growth, and shy of our own and market expectations for 2.0% monthly growth. In terms of this headline numbers of loans to owner occupiers, all of it was for “refinancing”. Loan numbers for new housing (construction/ purchase) and to buy an established home were steady to
lower.”
AUD/USD trending indicators still strongly bearish
The current technical set up on the AUD/USD daily chart remains bearish. The first development to take note of is that price has been unable to make any type of serious recovery above the 9 and 20 dma’s. Furthermore, the RSI (14) wasn’t able to achieve any ground above 50 on the last counter trend rally, which is a sign momentum sellers are looking to take advantage of any type of advances and get short form higher levels. Initial resistance remains the 0.9500 area (previous support), while initial support should comes in at 0.9324 (previous day low)