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15 Jul 2013
AUD/USD breaches 0.9100
FXstreet.com (Edinburgh) -After hitting fresh intraday highs around 0.9120, the Aussie dollar is now dragging the AUD/USD back below 0.9100 the figure as the US dollar is gathering traction.
AUD/USD affected by Chinese figures
The apparent slowdown in the Chinese economy produced a short-lived knee-jerk in the pair towards the proximities of 0.9050, although the pair managed to regain 0.9100 afterwards. According to Westpac Global Strategy Group, “ China GDP provides only minor relief for AUD as it should leave the RBA on track to cut rates again in Aug, with growth momentum still slowing… Prefer to sell squeezes to 0.9150/0.9200, bias for a re-test of lows around 0.9000, quite possibly high 0.89s”.
AUD/USD critical levels
The pair is now up 0.21% at 0.9087 facing the next resistance at 0.9120 (low Jul.11) followed by 0.9139 (MA10d) and finally 0.9188 (high Jul.12). On the downside, a break below 0.8998 (low Jul.12) would open the door to 0.8957 (high Aug.31 2010).
AUD/USD affected by Chinese figures
The apparent slowdown in the Chinese economy produced a short-lived knee-jerk in the pair towards the proximities of 0.9050, although the pair managed to regain 0.9100 afterwards. According to Westpac Global Strategy Group, “ China GDP provides only minor relief for AUD as it should leave the RBA on track to cut rates again in Aug, with growth momentum still slowing… Prefer to sell squeezes to 0.9150/0.9200, bias for a re-test of lows around 0.9000, quite possibly high 0.89s”.
AUD/USD critical levels
The pair is now up 0.21% at 0.9087 facing the next resistance at 0.9120 (low Jul.11) followed by 0.9139 (MA10d) and finally 0.9188 (high Jul.12). On the downside, a break below 0.8998 (low Jul.12) would open the door to 0.8957 (high Aug.31 2010).