AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD was the hardest hit by the weak Chinese data with the pair slipping to week lows under 1.0400 founding support at the key 1.0380 level before rebounding to 1.0450. The market is now evenly poised with the pro-growth US/ECB countering the weak China outlook.
Australian Dollar (AUD) The AUD/USD is giving traders great two way opportunities lately with the QE3/ECB/BOJ Fueled risk on rally dragging the Aussie higher. Sellers are banking on the slowdown from China and the local Australian economy to lead to RBA rate cuts and AUD downside. Looking ahead, Chinese HSBC PMI previously at 47.6.
Australian Dollar (AUD) the Aussie was the weakest currency in the market overnight with more China slowdown concerns and weakness in commodities putting the sellers in control. The AUD/USD has now pulled back 200 pips since Friday’s highs and is losing ground on all its’ crosses. The feeling towards the AUD/USD is mixed with the strong stock outlook supporting but fears that the Australia economy has peaked and entering a contractionary business cycle are weighing. UPDATE BOJ Hold at 0.1% but expand bond buying program.
Australian Dollar (AUD) the Aussie broke support at 1.0500 and we fell down to 1.0455 before stabilizing as weakness crept back into the Aussie. Fears that China was slowing faster than forecast and the large falls in commodities weighed on the risk currency. Looking ahead, RBA Minutes from September Meeting. Also Assist RBA Gov Debelle Speaks.
Australian Dollar (AUD) potentially important failure at 1.0600 has left the AUD/USD vulnerable to the downside this week with the recent rally seen overdone and some real negative stories emerging regarding the mining boom in Australia and the slowdown in the China. Looking ahead, Japanese Bank Holiday.
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