23 Jul 2015
AUD/USD headed to multi year lows
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7376 with a high of 0.7405 and a low of 0.7359.
AUD/USD has been trodden on by the bears on a better overnight session for the greenback with commodities lagging and a recovery in the US dollar that has seen the Aussie down from though the 0.7440 heights of of yesterday's business.
For a summary of the commodity market overnight, Sean Callow, analyst at Westpac Banking Corporation offered details, "Spot iron ore slipped -0.7% to $51.76/tonne while gold closed NY -$7 on the day, at $1094/oz. Brent crude oil closed -1.7% at $56.07/bbl. COMEX copper tumbled -1.8% to a fresh post-GFC low".
Yesterday, RBA Governor Stevens spoke on monetary policy at the Anika Foundation. He said that although the economy is in the right path, the recovery is being slow and that further rate cuts are still on the table. The price action at the start of Asia is sluggish ahead on a non eventful day on the calendar. We only have Australia NAB Q2 business survey which is mostly ignored by the market. For the rest of the week, we look out for HSBC Manufacturing PMI (Jul) from China and New Home Sales data for June as well as Markit Manufacturing for July from the US.
AUD/USD technically en-route for multi year lows
Technically, AUD/USD's recovery's have been shallow on a bear trend line from 0.7850 and mid June highs while initial resistance at .7526, the 23.6% retracement could give but bulls could find tougher resistance at the .7551 and remain directly offered below here. Valeria Benarik, chief analyst at FXStreet explained, "In the 4 hours chart, the price is now below a horizontal 20 SMA, whilst the technical indicators present a tepid bearish tone, with the Momentum indicator flat around its 100 level and the RSI indicator hovering around 44. With a daily low at 0.7360, the pair needs to extend below it to trip stops and accelerate its decline to fresh multi-year lows below the 0.7300 level."
AUD/USD has been trodden on by the bears on a better overnight session for the greenback with commodities lagging and a recovery in the US dollar that has seen the Aussie down from though the 0.7440 heights of of yesterday's business.
For a summary of the commodity market overnight, Sean Callow, analyst at Westpac Banking Corporation offered details, "Spot iron ore slipped -0.7% to $51.76/tonne while gold closed NY -$7 on the day, at $1094/oz. Brent crude oil closed -1.7% at $56.07/bbl. COMEX copper tumbled -1.8% to a fresh post-GFC low".
Yesterday, RBA Governor Stevens spoke on monetary policy at the Anika Foundation. He said that although the economy is in the right path, the recovery is being slow and that further rate cuts are still on the table. The price action at the start of Asia is sluggish ahead on a non eventful day on the calendar. We only have Australia NAB Q2 business survey which is mostly ignored by the market. For the rest of the week, we look out for HSBC Manufacturing PMI (Jul) from China and New Home Sales data for June as well as Markit Manufacturing for July from the US.
AUD/USD technically en-route for multi year lows
Technically, AUD/USD's recovery's have been shallow on a bear trend line from 0.7850 and mid June highs while initial resistance at .7526, the 23.6% retracement could give but bulls could find tougher resistance at the .7551 and remain directly offered below here. Valeria Benarik, chief analyst at FXStreet explained, "In the 4 hours chart, the price is now below a horizontal 20 SMA, whilst the technical indicators present a tepid bearish tone, with the Momentum indicator flat around its 100 level and the RSI indicator hovering around 44. With a daily low at 0.7360, the pair needs to extend below it to trip stops and accelerate its decline to fresh multi-year lows below the 0.7300 level."