AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD is weakest currency in the market with fresh daily lows in the market as the China slowdown and drop in Iron Ore prices leads to further fears for the Australian economy. Support was seen at 1.0280 and we are now under the 200DMA at 1.0300. Bulls are looking for help from the Bernanke speech tonight with two weeks of selling putting them under pressure. Looking ahead, Chinese PMI on Saturday forecast at 50 vs. 50.1 previously.
Australian Dollar (AUD) the AUD/USD is getting a lot of attention in recent days with the China slow down story getting worldwide press and Iron Ore Prices tumbling as demand from China slumps. Large mining companies in Australia are falling heavily as the market gets spooked on the outlook. Q2 CAPEX was still strong at 3.4% vs. 2.4% forecast.
Australian Dollar (AUD) AUD/USD found support at 1.0350 and was able to bounce slightly on Tuesday but sellers came in to quickly cap the risk sensitive currency near 1.0380. Stock market direction will be the main driver this week with the RBA meeting next week the main risk event on the Horizon. On Thursday, Q2 Australian CAPEX forecast at 3.1% vs. 6.1% previously.
Australian Dollar (AUD) the AUD/USD continued to struggle all day with the China slowdown story and some local mining slowdown news creating an air of uncertainty. Gold and Oil fell sharply overnight and the AUD/USD fell to 1.0350 support. The downside is significant if the trend changes we could see sub 1.000 levels.
Australian Dollar (AUD) the AUD/USD was hammered for a second day breaking 1.0400 before finding support at 1.0380 and bouncing into the US close. The weekend saw new announcement of major stimulus programs out of China but the market was in no mood to buy on Monday and quickly moved to new lows. The AUD has potentially entered into a new downtrend with the last two weeks of selling, but if Gold and Euro continue to push higher it unlikely that the Aussie will be left behind
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