1 Dec 2014
AUD/USD below 0.8450
FXStreet (Edinburgh) - After hitting fresh multi-year lows in the 0.8420/15 area, AUD/USD is now looking to regain the mid-0.8400s.
AUD/USD below 0.8500 ahead of RBA
Weakness around AUD intensifies on Monday, with spot breaching the key support at 0.8500 and extending the decline to 0.8417, levels last trade in August 2010. Chinese manufacturing PMI prints for the month of November added to the bearish sentiment, coming in lower in both the NBS and HSBC gauges. Softer commodity prices and the USD dynamics keep weighing on the AUD, as the market gets ready for the RBA meeting due tomorrow. “With the pair having slipped below the psychological 0.8500 floor, downside risks may mount in the coming sessions”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.88% at 0.8434 with the next support at 0.8417 (2014 low Dec.1) followed by 0.8400 (psychological level) and then 0.8315 (low Jul.2010). On the upside, a break above 0.8619 (high Nov.25) ahead of 0.8648 (10-d MA) and finally 0.8673 (21-d MA).
AUD/USD below 0.8500 ahead of RBA
Weakness around AUD intensifies on Monday, with spot breaching the key support at 0.8500 and extending the decline to 0.8417, levels last trade in August 2010. Chinese manufacturing PMI prints for the month of November added to the bearish sentiment, coming in lower in both the NBS and HSBC gauges. Softer commodity prices and the USD dynamics keep weighing on the AUD, as the market gets ready for the RBA meeting due tomorrow. “With the pair having slipped below the psychological 0.8500 floor, downside risks may mount in the coming sessions”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.88% at 0.8434 with the next support at 0.8417 (2014 low Dec.1) followed by 0.8400 (psychological level) and then 0.8315 (low Jul.2010). On the upside, a break above 0.8619 (high Nov.25) ahead of 0.8648 (10-d MA) and finally 0.8673 (21-d MA).