11 Nov 2013
AUD/USD finds little buying interest from Chinese data
FXstreet.com (Barcelona) - Following the NFP-induced sell-off from Friday, in which the AUD/USD found a new 1-month low at 0.9350, the pair is opening the Asian session confined in a tight range around 0.9385, largely unchanged from its NY close.
Weekend Chinese data fails to support the AUD
Despite the better-than-expected news out of China over the weekend (IP, Retail Sales, FAI, CPI, PPI), the Australian Dollar found no buying interest through interbank trading. The statement by the RBA on its quarterly monetary policy statement last Friday, highlighting once again the risk of further rate cuts in Australia, continues to weigh on the Aussie.
AUD/USD technical perspective
After the sharp fall, the market is looking to fade the rally, according to Peter Fell from FXBeat, saying "sellers are said to be around 9400, better sellers around 9450." On the downside, "support is seen at 9303, 50% fibo on the 8848 / 9758 rise" Fell notes. Further down, "you have a previous low at 9289(Oct 1) and 100 DMA at 9267." On options-related tak, Fell said "some option names were the buyers near the lows on Friday, prompting the inevitable talk of 9350 barrier." Fell looks to fade rallies.
Weekend Chinese data fails to support the AUD
Despite the better-than-expected news out of China over the weekend (IP, Retail Sales, FAI, CPI, PPI), the Australian Dollar found no buying interest through interbank trading. The statement by the RBA on its quarterly monetary policy statement last Friday, highlighting once again the risk of further rate cuts in Australia, continues to weigh on the Aussie.
AUD/USD technical perspective
After the sharp fall, the market is looking to fade the rally, according to Peter Fell from FXBeat, saying "sellers are said to be around 9400, better sellers around 9450." On the downside, "support is seen at 9303, 50% fibo on the 8848 / 9758 rise" Fell notes. Further down, "you have a previous low at 9289(Oct 1) and 100 DMA at 9267." On options-related tak, Fell said "some option names were the buyers near the lows on Friday, prompting the inevitable talk of 9350 barrier." Fell looks to fade rallies.