13 Jul 2015
AUD/USD breaking out of bearish gap?
FXStreet (Guatemala) - AUD/USD is currently trading at 0.74236 with a high of 0.7440 and a low of 0.7414.
AUD/USD is bid and making new session highs out of the resistance of the channel on the back of higher than expected year on year exports in China that came out of the trade balance date, while otherwise the Aussie has been better offered due to Greek talks over the weekend.
AUD/USD price action
AUD/USD dropped to the 0.7413 level on the open and has since been a chop within a narrow range between there and 0.7436. The recent bid made a high to 0.7436 but has since settled on 0.7430 support.
AUD/USD fundamentals
Besides the Greek debacle, China is back in view. Today we had the trade balance results that arrived in Yuan as, for June, 284.2bn yuan vs expected 355.0bn, while previous was 366.8bn. However, Exports y/y were +2.1% and improved up on expectations of +1.2% while the previous was just -2.8%. Then, Imports for y/y came as -6.7% vs -16.2% expected, vs prior at -18.1%.
However, markets are looking ahead as the alarming weakness of the Chinese economy may make Greece look like a sideshow. This week holds the GDP numbers for China which may confirm fears of a sharper downturn. Markets are on the look out for a real annualised figure of 7 per cent for the second-quarter, which would be consistent with official guidance for growth in 2015. 1.3 per cent for Q/Q was the previous.
AUD/USD technically bearish
AUD/USD is in a tight range but the downside prevails, and Valeria Bednarik, chief analyst at FXStreet explained AUD/USD comes with a limited bearish tone in the 4 hours chart, as the price is now a few pips below its 20 SMA, whilst the technical indicators have turned lower, but are still in positive territory. "Given that stocks markets may come under strong pressure along with commodities later on in the day, the risk is towards the downside, with a break below 0.7400 favoring an extension to fresh multi-year lows in the 0.7300/30 region."
AUD/USD is bid and making new session highs out of the resistance of the channel on the back of higher than expected year on year exports in China that came out of the trade balance date, while otherwise the Aussie has been better offered due to Greek talks over the weekend.
AUD/USD price action
AUD/USD dropped to the 0.7413 level on the open and has since been a chop within a narrow range between there and 0.7436. The recent bid made a high to 0.7436 but has since settled on 0.7430 support.
AUD/USD fundamentals
Besides the Greek debacle, China is back in view. Today we had the trade balance results that arrived in Yuan as, for June, 284.2bn yuan vs expected 355.0bn, while previous was 366.8bn. However, Exports y/y were +2.1% and improved up on expectations of +1.2% while the previous was just -2.8%. Then, Imports for y/y came as -6.7% vs -16.2% expected, vs prior at -18.1%.
However, markets are looking ahead as the alarming weakness of the Chinese economy may make Greece look like a sideshow. This week holds the GDP numbers for China which may confirm fears of a sharper downturn. Markets are on the look out for a real annualised figure of 7 per cent for the second-quarter, which would be consistent with official guidance for growth in 2015. 1.3 per cent for Q/Q was the previous.
AUD/USD technically bearish
AUD/USD is in a tight range but the downside prevails, and Valeria Bednarik, chief analyst at FXStreet explained AUD/USD comes with a limited bearish tone in the 4 hours chart, as the price is now a few pips below its 20 SMA, whilst the technical indicators have turned lower, but are still in positive territory. "Given that stocks markets may come under strong pressure along with commodities later on in the day, the risk is towards the downside, with a break below 0.7400 favoring an extension to fresh multi-year lows in the 0.7300/30 region."