8 Aug 2013
AUD/USD in focus as Chinese/Australian data looms
FXstreet.com (New York) - In looking at the calendar this morning, it becomes abundantly clear that the AUD sits center stage with a healthy tranche of both Australian and Chinese economic data slated for release during Asian trading Thursday.
After earlier movement this week on the heels of the RBA, investors get to satiate their palates with a snapshot of the Australian economy in the form of Employment data, including the Unemployment Rate in July beginning at 1:30 GMT. Moreover, the Chinese trade balance holds the acute potential to create waves in FX markets, specifically with regards to the AUD crosses and AUD/USD.
According to Kathy Lien at BK Asset Management, “If Chinese trade numbers confirm that growth is slowing, AUD/USD could resume its slide. As for Australian employment numbers, no major improvements are expected. Economists are looking for the unemployment rate to rise even though stronger labor market conditions were reported in the service and construction sectors.”
AUD/USD technical levels
As such, heading into these events, the AUD/USD is clinging to the 0.9000 region Thursday morning, presently incurring a loss of -0.08% - a dynamic figure clearly capable of moving once the fireworks start. Technically speaking, the AUD/USD now remains situated above support at 0.8984 (55-day MA), ahead of 0.8965 (200-day SMA), and 0.8925 (August 7 low).
After earlier movement this week on the heels of the RBA, investors get to satiate their palates with a snapshot of the Australian economy in the form of Employment data, including the Unemployment Rate in July beginning at 1:30 GMT. Moreover, the Chinese trade balance holds the acute potential to create waves in FX markets, specifically with regards to the AUD crosses and AUD/USD.
According to Kathy Lien at BK Asset Management, “If Chinese trade numbers confirm that growth is slowing, AUD/USD could resume its slide. As for Australian employment numbers, no major improvements are expected. Economists are looking for the unemployment rate to rise even though stronger labor market conditions were reported in the service and construction sectors.”
AUD/USD technical levels
As such, heading into these events, the AUD/USD is clinging to the 0.9000 region Thursday morning, presently incurring a loss of -0.08% - a dynamic figure clearly capable of moving once the fireworks start. Technically speaking, the AUD/USD now remains situated above support at 0.8984 (55-day MA), ahead of 0.8965 (200-day SMA), and 0.8925 (August 7 low).