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10 Sep 2014
AUD/USD: Sellers step in, 0.9185-90 retested
FXStreet (Bali) - The antipodean currencies are being pressured in Asia, with the AUD/USD losing the $0.92 while the NZD/USD is also falling below 0.8250 area.
The recent breakout of 0.92 during the last NY session, which came for no apparent reason, coupled with the ongoing slide in iron ore futures in China, down 3.0% at one stage although price has recovered to currently be down around 1.3-5%.
Technically, Jim Langlands, Founder at FXCharts, notes: "The Aud has so far based at the 200 DMA (0.9185), but now that we have finally broken away from the 0.9260 pivot I suspect that there is a fair bit of downside potential – which will make the RBA happy. If 0.9185 give way, further strong support lies just underneath at 0.9175 (38.2% of 0.8660/ 0.9505), under here would see a potential freefall towards minor support at around 0.9135 and then to 0.9100..."
The recent breakout of 0.92 during the last NY session, which came for no apparent reason, coupled with the ongoing slide in iron ore futures in China, down 3.0% at one stage although price has recovered to currently be down around 1.3-5%.
Technically, Jim Langlands, Founder at FXCharts, notes: "The Aud has so far based at the 200 DMA (0.9185), but now that we have finally broken away from the 0.9260 pivot I suspect that there is a fair bit of downside potential – which will make the RBA happy. If 0.9185 give way, further strong support lies just underneath at 0.9175 (38.2% of 0.8660/ 0.9505), under here would see a potential freefall towards minor support at around 0.9135 and then to 0.9100..."