Intraday analysis: AUD/USD rises, despite weak Australia data

ForexNewsNow | Published on August 25, 2010 at 7:51 pm

Intraday analysis - a pile of Australian dollarsNEW YORK (Forex News Now) – The Australia dollar rose against its U.S. counterpart on Thursday, climbing from a 1-month low, despite a disappointing report on capital expenditure by Australia’s private sector.

In late Asian currency market trading, AUD/USD struck 0.8857, up 0.19 percent on the day, after rising from Wednesday’s 1-month low of 0.8771.

The Australian Bureau of Statistics said earlier that private capital expenditure slid 4 percent between April and June, after dropping 1 percent in the preceding quarter. Analysts had expected a modest rise of 2.3 percent in the second quarter, three realtime forex news outlets reported.

According to AUD USD analysis, AUD/USD was likely to touch support around 0.8771, and encounter resistance around the high of Aug. 23, 0.8982.

The Aussie’s gains also came as FX traders awaited a report on initial U.S. claims for unemployment benefits last week, a key signal of overall economic health in the world’s largest economy.

Elsewhere, the Aussie advanced versus the yen: AUD/JPY traded at 75.05, up 0.39 percent, according to intraday analysis.



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