Forex: AUD/USD well above 0.9300

on Sep 18, 2013
Listen September Wednesday 18th_: Since the beginning of the current week’s trading the AUD/USD has been fluctuating within a 105-pip range between 0.9388 and 0.9283. The pair has so far failed to close the gap from Friday’s close with the ascending 89-hour simple moving average acting as a support and repelling the price upwards. Yesterday the AUD/USD gained 0.34 percent with the daily candle opening at 0.9317 and closing at 0.9351. The price initially fell to test the strong 0.9300 level and reached a low at 0.9283, but failed to stay long below the round psychological mark and rose.

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Asian trading today was at first sluggish. However, following the release of the Australian CB Leading Index (combined reading of 7 economic indicators related to money supply, building approvals, profits, exports, inventories and interest rate spreads) m/m for July, which showed a 0.3 percent rise, compared to the prior 1.1 percent drop, revised down from a 0.2 percent decline, the price depreciated sharply by 0.17 percent to the 0.9335 support level, where the pair reversed and started to rise.

At the moment the AUD/USD is changing hands at 0.9361.
The US Building Permits and Housing Starts reports, both for August, are scheduled for release at 13.30 BST today. Later at 19.00 BST the Fed is to announce the FOMC Economic Projections, interest rate decision and half an hour later the FOMC is to conduct a press conference. These are the most awaited data and event for today, regarding the US dollar.


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