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30 Dec 2014
AUD/USD contained and pressured lower
FXStreet (Guatemala) - AUD/USD is trading at 0.8136, up 0.02% on the day, having posted a daily high at 0.8139 and low at 0.8127.
AUD/USD continues to stabilise and is consolidating the overall and broader downside on the 0.81 handle, albeit through the descending resistance line. However, the pair has been stubborn leading into the end of the year, with plenty of pressure from the greenback, yet maintains the handle despite a break to the 0.8080 support on the 23rd Dec and is contained on the recent surge through the channel resistance at 0.8160. The pair had been further supported from moves in China from the weekend with the PBOC continuing to loosen its monetary conditions.
We now await more news from China in respect of the Manufacturing PMI readings with markets expecting a poor result. Additional moves lower could be set for an advance on the 2010 low at 0.8068, which comes before a long-term double Fibonacci support at 0.7950/30. Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart however, the pair maintains a neutral technical outlook as price hovers around a flat 20 SMA and indicators head lower but above their midlines.
AUD/USD continues to stabilise and is consolidating the overall and broader downside on the 0.81 handle, albeit through the descending resistance line. However, the pair has been stubborn leading into the end of the year, with plenty of pressure from the greenback, yet maintains the handle despite a break to the 0.8080 support on the 23rd Dec and is contained on the recent surge through the channel resistance at 0.8160. The pair had been further supported from moves in China from the weekend with the PBOC continuing to loosen its monetary conditions.
We now await more news from China in respect of the Manufacturing PMI readings with markets expecting a poor result. Additional moves lower could be set for an advance on the 2010 low at 0.8068, which comes before a long-term double Fibonacci support at 0.7950/30. Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart however, the pair maintains a neutral technical outlook as price hovers around a flat 20 SMA and indicators head lower but above their midlines.