25 Jul 2013
AUD/USD consolidates below 0.9200
FXstreet.com (Edinburgh) - The Aussie dollar is attempting a recovery on Thursday, with the AUD/USD posting meager gains although meandering below the key resistance at 0.9200.
AUD/USD remains subdued
Poor data from the Chinese manufacturing sector weighted on the pair yesterday, and the bearish sentiment accelerated after the USD rallied on better housing data and PMI. News that the Chinese government launched measures to – theoretically – stimulate the economy failed to ignite any demand for the AUD overnight. Strategists at UBS remain bearish on the par, arguing, “The pair came under pressure form the strong resistance at 0.9333. With the bear trend intact, focus is for further downside. Initial support is at 0.9121 ahead of 0.8999”.
AUD/USD levels to watch
At the moment the pair is up 0.08% at 0.9170 facing the next hurdle at 0.9186 (MA10d) followed by 0.9267 (high Jul.24) and then 0.9318 (high Jul.23). On the downside, a violation of 0.9131 (low Jul.24) would bring 0.9122 (high Jul.15) and finally 0.9087 (low Jul.16).
AUD/USD remains subdued
Poor data from the Chinese manufacturing sector weighted on the pair yesterday, and the bearish sentiment accelerated after the USD rallied on better housing data and PMI. News that the Chinese government launched measures to – theoretically – stimulate the economy failed to ignite any demand for the AUD overnight. Strategists at UBS remain bearish on the par, arguing, “The pair came under pressure form the strong resistance at 0.9333. With the bear trend intact, focus is for further downside. Initial support is at 0.9121 ahead of 0.8999”.
AUD/USD levels to watch
At the moment the pair is up 0.08% at 0.9170 facing the next hurdle at 0.9186 (MA10d) followed by 0.9267 (high Jul.24) and then 0.9318 (high Jul.23). On the downside, a violation of 0.9131 (low Jul.24) would bring 0.9122 (high Jul.15) and finally 0.9087 (low Jul.16).