10 Jun 2013
AUD/USD around 0.9415/20 on China
FXstreet.com (Barcelona) - The Aussie dollar dipped to sub 0.9400 levels at the beginning of the week after mixed data from the Chinese economy over the weekend, although recovering ground soon after.
There is no activity in the Australian markets today due to the remembrance of the Queen’s Birthday, so the pair will likely follow the risk trends. “However, after resisting this slide in the AUD on the basis that the market may have been getting ahead of itself, I am coming to the conclusion that its fall could continue at a rapid clip. Global markets are generally more on edge, larger moves are more common place, and the AUD is now moving quickly to price in the end of the resources boom, a slow down in China that may become worse, and a weak Australian economy outside of the resources sector”, suggested Greg Gibbs, FX Strategist at RBS.
AUD/USD is now up 0.13% at 0.9419 with the next hurdle at 0.9575 (high Jun.7) ahead of 0.9615 (MA10d) and finally 0.9675 (high Jun.6). On the flip side, a breach of 0.9388 (low Oct.4) would bring 0.9313 (low Sep.14 2010).
There is no activity in the Australian markets today due to the remembrance of the Queen’s Birthday, so the pair will likely follow the risk trends. “However, after resisting this slide in the AUD on the basis that the market may have been getting ahead of itself, I am coming to the conclusion that its fall could continue at a rapid clip. Global markets are generally more on edge, larger moves are more common place, and the AUD is now moving quickly to price in the end of the resources boom, a slow down in China that may become worse, and a weak Australian economy outside of the resources sector”, suggested Greg Gibbs, FX Strategist at RBS.
AUD/USD is now up 0.13% at 0.9419 with the next hurdle at 0.9575 (high Jun.7) ahead of 0.9615 (MA10d) and finally 0.9675 (high Jun.6). On the flip side, a breach of 0.9388 (low Oct.4) would bring 0.9313 (low Sep.14 2010).