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11 Jun 2013
AUD/USD lowest since Oct 2010
FXstreet.com (London) - AUD/USD has continued within its downward spiral, breaching the 2011 lows and tackling levels not recorded since Oct 2010.
AUD/USD suffers as China shows concerns over economy
NAB Global research teams said that the suite of global data released at the end of last week reflects a US that is continuing to grow while Chinas economic momentum slowed somewhat in May. The trade report showed a marked slowdown in export and import growth, with industrial production, fixed assets investment, inflation and new lending volumes all on the soft side of expectations while retail sales growth met market consensus forecasts. Some analysts revised their growth expectations lower. NAB teams explained that Chinese stocks fell yesterday and the AUD is not helped by the weekend’s plethora of disappointing Chinese data.
Technically The AUD/USD may rebound on support
Traders may become slightly hesitant to enter short positioning as the move exceeds the 261.8% Fib which could trigger a minor upside correction. On the other hand, markets like to push and test the barriers as well, but there are oversold readings on the charts, albeit MA’s offering heavily bearish continuations for the pair.
AUD/USD suffers as China shows concerns over economy
NAB Global research teams said that the suite of global data released at the end of last week reflects a US that is continuing to grow while Chinas economic momentum slowed somewhat in May. The trade report showed a marked slowdown in export and import growth, with industrial production, fixed assets investment, inflation and new lending volumes all on the soft side of expectations while retail sales growth met market consensus forecasts. Some analysts revised their growth expectations lower. NAB teams explained that Chinese stocks fell yesterday and the AUD is not helped by the weekend’s plethora of disappointing Chinese data.
Technically The AUD/USD may rebound on support
Traders may become slightly hesitant to enter short positioning as the move exceeds the 261.8% Fib which could trigger a minor upside correction. On the other hand, markets like to push and test the barriers as well, but there are oversold readings on the charts, albeit MA’s offering heavily bearish continuations for the pair.