25 Feb 2015
AUD/USD: Up and away with sights on 0.79 territory
FXStreet (Guatemala) - AUD/USD is currently trading at time of writing 0.7873 with a high of 0.7883 and a low of 0.7822.
AUD/USD is on the bid and making new highs, with a decent HSBC Manufacturing PMI result that has surprised the pessimists who were calling for a poor number. The general consensus was 49.5 vs 50.1 actual coming in at a 4 month high as we enter the New Chinese year.
Some analysts will be comfortable on this result in respect to China's economic performance, but others will continue to look towards further easing from the Central Bank. Either way, whatever the outcome, it is supportive of the Aussie for the timing being and there is an argument that further easing in China will be supporting to the Aussie as a whole. Technically, the erosion of the 20 day ma focusses attention on to the downtrend at 0.7965 and the 7th Jan low at 0.8034 as explained by Karen Jones, chief analyst at Commerzbank. "A close above here is needed to alleviate downside pressure. Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001."
AUD/USD is on the bid and making new highs, with a decent HSBC Manufacturing PMI result that has surprised the pessimists who were calling for a poor number. The general consensus was 49.5 vs 50.1 actual coming in at a 4 month high as we enter the New Chinese year.
Some analysts will be comfortable on this result in respect to China's economic performance, but others will continue to look towards further easing from the Central Bank. Either way, whatever the outcome, it is supportive of the Aussie for the timing being and there is an argument that further easing in China will be supporting to the Aussie as a whole. Technically, the erosion of the 20 day ma focusses attention on to the downtrend at 0.7965 and the 7th Jan low at 0.8034 as explained by Karen Jones, chief analyst at Commerzbank. "A close above here is needed to alleviate downside pressure. Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001."