Intraday analysis: AUD/USD hits 4-month high on risk hunger

ForexNewsNow | Published on September 13, 2010 at 10:31 am

Intraday analysis - a pile of Australian dollarsNEW YORK (Forex News Now) – The Australian dollar hit a 4-month high against its U.S. counterpart on Monday, as FX traders’ hunger for risk picked on the back of new banking regulations and upbeat data from China.

In European afternoon currency market trading, AUD/USD hit 0.9354, up 0.95 percent on the day, after retreating slightly from 0.9362, the currency pair’s highest since April 15.

Over the weekend, official data showed that Chinese industrial production jumped 13.9 percent year-on-year in August; reports on retail sales and consumer price inflation were also encouraging.

According to intraday analysis, AUD/USD was likely to touch support around the daily low, 0.9288, and encounter immediate resistance around 0.9405, the high of Nov. 16 last year.

Also Monday, the U.S. Treasury Department was due to publish its monthly budget statement, detailing the difference in value between the federal government’s income and spending in August.

Elsewhere, the Aussie rose versus the yen: AUD/JPY traded at 78.25, up 0.32 percent.

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