24 Jul 2015
AUD/USD: pressured from all sides - Scotiabank
FXStreet (Guatemala) - Analysts at Scotiabank noted that AUD/USD is weak, with a decline to fresh multi-year lows following a violent response to a weaker flash PMI from China with added pressure from the S&P sovereign rating update.
Key Quotes:
"AUD is approaching a key retracement level of its 2001-2011 rally, with risk of a break toward the 61.8% Fibo at 0.7185 (see bottom chart)."
"The renewed moderation in key global growth indicators has added to pressure across commodity markets, weighing on AUD with OIS hinting to a renewed risk of easing from the RBA."
"The introduction of fiscal concerns on the part of S&P is an added risk for AUD, with a AAA/stable rating outlook dependent on a continued improvement in fiscal balances."
Key Quotes:
"AUD is approaching a key retracement level of its 2001-2011 rally, with risk of a break toward the 61.8% Fibo at 0.7185 (see bottom chart)."
"The renewed moderation in key global growth indicators has added to pressure across commodity markets, weighing on AUD with OIS hinting to a renewed risk of easing from the RBA."
"The introduction of fiscal concerns on the part of S&P is an added risk for AUD, with a AAA/stable rating outlook dependent on a continued improvement in fiscal balances."