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COZfx: AUD/USD weekly outlook

Discussion in 'Analisa Fundamental' started by harryer, Sep 2, 2013.

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  1. harryer

    harryer Member

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    COZforex: The Australian dollar ended Friday’s session at a 3 week low against its US counterpart, as mounting concerns over possible US military action against Syria underpinned safe haven demand.

    AUD/USD hit 0.8892 on Friday, the pair’s lowest level since August 5; the pair subsequently consolidated at 0.8904 by close of trade on Friday, down 0.29% on the day and 1.35% lower for the week. COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.8908, and a drop through could take it to the next support line of 0.8865. Meanwhile, the pair is predicted to find its first resistance at 0.8987, and a rise through could take it to the next resistance line of 0.9023.

    LME Copper prices fell 0.4% or $25.5/MT to $ 7210.5/MT. Aluminium prices fell 1.6% or $28.5/MT to $ 1798.0/MT. Earlier today, the Reserve Bank of Australia reported that its private sector credit rise 0.4% in July, above market expectation for a rise of 0.3%.

    Concerns over a possible US military intervention mounted after US Secretary of State John Kerry said Friday that the US would punish Syrian President Bashar al-Assad for a "brutal and flagrant" chemical weapons attack that killed nearly 1,500 people in Damascus.

    Meanwhile, in the US, the Thomson Reuters/University of Michigan revised consumer sentiment index for August released Friday rose to 82.0 from a preliminary reading 80.0, beating expectations for an uptick to 80.5. Also Friday, a widely-watched Chicago purchasing managers' index rose to 53.0 this month from 52.3 in July, in line with expectations.

    The upbeat data reinforced the view that the Fed could taper down its bond purchases at its next policy meeting amid increasing signs of a recovery in the US economy.

    Market players have closely been looking out for US data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases. Any improvement in the US economy was likely to reinforce the view that the central bank will begin to taper its bond purchase program in the coming months.

    (COZ forex UK)
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