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13 Apr 2015
AUD/USD headed for 0.7180?
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7591 with a high of 0.7680 a low of 0.7551.
AUD/USD is consolidating the downside still with bulls putting in the support at 0.7560. the greenback has been mixed at the start of the week while the Aussie suffered on the back of the Chinese data that left the Australian economy exposed to bleak trading arrangements with their largest trading partner, driving concerns over Q1 growth in china and Q2 outlook for Australia also. The numbers were a large miss in Asia, coming in the form of China'sTrade Balance (Mar). This saw CNY 18.8 bln vs exp CNY 250.0 bln, with exports -14.6% y/y (in yuan terms), while imports were -12.3% y/y (yuan terms).
Technically, Karen Jones, chief analyst at Commerzbank explained the October 2006 low at 0.7416 come come in to focus on further moves to the downside, which then opens up the 0.7369 July 2005 low. "Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached."
AUD/USD is consolidating the downside still with bulls putting in the support at 0.7560. the greenback has been mixed at the start of the week while the Aussie suffered on the back of the Chinese data that left the Australian economy exposed to bleak trading arrangements with their largest trading partner, driving concerns over Q1 growth in china and Q2 outlook for Australia also. The numbers were a large miss in Asia, coming in the form of China'sTrade Balance (Mar). This saw CNY 18.8 bln vs exp CNY 250.0 bln, with exports -14.6% y/y (in yuan terms), while imports were -12.3% y/y (yuan terms).
Technically, Karen Jones, chief analyst at Commerzbank explained the October 2006 low at 0.7416 come come in to focus on further moves to the downside, which then opens up the 0.7369 July 2005 low. "Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached."