17 Jan 2014
AUD/USD retesting 0.88 as Shanghai weighs
FXstreet.com (Bali) - AUD/USD has lost what little momentum had carried the price to correct higher, with topside failure at 0.8830 turning the rate lower for a retest of 0.88 bids.
Shanghai puts pressure on AUD
Market sources suggested that domestic importers, coupled with upward correction in the AUD/NZD had helped lift the AUD/USD, however, losses in the Shanghai Stock Exchange in the tune of 1% at the open are pushing the Australian Dollar lower mid Asian session.
AUD/USD technicals
"The next downside target would be at 0.8769 (last seen in August 2010), which is not so far away", according to Jim Langlands, Founder at FXCharts in Australia. Below there, Jim sees "the base of the long term channel, – currently at around 0.8730 –..."
Shanghai puts pressure on AUD
Market sources suggested that domestic importers, coupled with upward correction in the AUD/NZD had helped lift the AUD/USD, however, losses in the Shanghai Stock Exchange in the tune of 1% at the open are pushing the Australian Dollar lower mid Asian session.
AUD/USD technicals
"The next downside target would be at 0.8769 (last seen in August 2010), which is not so far away", according to Jim Langlands, Founder at FXCharts in Australia. Below there, Jim sees "the base of the long term channel, – currently at around 0.8730 –..."