AUD/USD bulls persist towards target of September 29th highs, 0.7710

Ross J Burland FXStreet

Currently, AUD/USD is trading at 0.7667, up 0.04% on the day, having posted a daily high at 0.7671 and low at 0.7665.

AUD/USD has been extending the upside and gains from 0.7506 recent lows on the daily sticks with eyes on 0.7710 (29 Sep high) next. The Aussie has garnered further support on the back of a weak greenback, disappointing CPI's in the US buoying risk and stocks as well as an 'on-hold RBA-outlook' after yesterday's latest Minutes that showed Lowe isn't in a hurry to cut, despite inflation below target although jobs are a potential drag on the economy.

Market wrap: US CPI disappoints, stocks rally - Westpac

For the day ahead we have Australia's Westpac-MI leading index where markets will be looking for further commodity price gains. For the main event we have China's GDP that analysts at Westpac said looks set to repeat Q2 in Q3 with growth of 1.8% and annual growth unchanged at 6.7%yr. Retail sales, fixed investment; and industrial production are also scheduled. Then, from the U.S. shift, we look out for U.S. housing starts and permits and FOMC member Williams who will speak in New Jersey.

AUD/USD levels

The analysts at Westpac offered AUD/USD in a 1-3 month outlook: "While further gains to around 0.77 are possible during the month ahead, driven in part by the faltering US dollar and yield-chasing flows, the AUD is losing energy (perhaps a reflection of its declining yield advantage). By year end, there's a case for a correction towards 0.74 if the Fed tightens in December as we expect. (13 Sep)."

Meanwhile, spot is presently trading at 0.7669, and next resistance can be seen at 0.7671 (Daily High), 0.7676 (Weekly Classic R1), 0.7692 (Yesterday's High), 0.7692 (Monthly High) and 0.7696 (Daily Classic R3). Next support to the downside can be found at 0.7666 (Daily Open), 0.7665 (Daily Low), 0.7664 (Hourly 20 EMA), 0.7663 (Daily Classic R2) and 0.7646 (Daily Classic R1).

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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