{"id":10171,"date":"2010-06-11T09:35:29","date_gmt":"2010-06-11T13:35:29","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10171"},"modified":"2010-06-11T09:35:29","modified_gmt":"2010-06-11T13:35:29","slug":"audusd-battles-85-following-topside-breakout","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/11\/audusd-battles-85-following-topside-breakout\/","title":{"rendered":"AUD\/USD Battles .85 Following Topside Breakout"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie surged above key downtrend lines yesterday after employment changed data topped analyst expectations.\u00a0 Additionally, Australia\u2019s headline unemployment rate printed two basis points below analyst expectations.\u00a0 Meanwhile, China\u2019s trade balance revealed a larger than expected surplus, indicating demand for Chinese exports is strong.\u00a0 Hence, China\u2019s GDP growth rate could stay on track despite new retail state regulations, a positive for the Aussie due to Australia\u2019s reliance on Chinese demand for its natural resources.\u00a0 However, upward momentum in the Aussie has been capped at .85 right now after today\u2019s data showed that prices in China are rising at a faster rate than anticipated while industrial production cools.\u00a0 Therefore, China could be forced to raise rates and cool growth further despite rumblings in the EU.\u00a0 Hence, China\u2019s economic picture is not as rosy as yesterday\u2019s trade balance data made it seem.\u00a0 Regardless, gains in the Aussie from June lows are encouraging and stabilization in the EUR\/USD and Cable is certainly positive.\u00a0 We\u2019ll have to wait and see whether the risk trade can extend this week\u2019s upward momentum into a more substantial upswing.\u00a0 Whether the risk trade ends the week on a positive note will depend on the outcome of upcoming U.S. consumption data with retail sales and consumer confidence on tap.\u00a0 If U.S. consumption-related data tops analyst expectations this could boost the Aussie beyond .85.\u00a0 On the other hand, disappointing U.S. data could keep the Aussie and risk trade as a whole at bay.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form of intraday and 5\/28 highs.\u00a0 As for the downside, the Aussie has supports in the form of uptrend lines running from May lows along with 6\/10 lows.<\/p>\n

Price: .8468
\nResistances:\u00a0 .8469, .8500, .8523, .8547, .8565, .8587, .8617
\nSupports:\u00a0 .8455, .8435, .8408, .8395, .8379, .8361, .8344
\nPsychological:\u00a0 .85<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The Aussie surged above key downtrend lines yesterday after employment changed data topped analyst expectations.\u00a0 Additionally, Australia\u2019s headline unemployment rate printed two basis points below analyst expectations.\u00a0 Meanwhile, China\u2019s trade balance revealed a larger than expected surplus, indicating demand for Chinese exports is strong.\u00a0 Hence, China\u2019s GDP growth rate could stay … <\/p>\n

Continue reading “AUD\/USD Battles .85 Following Topside Breakout”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10171","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10171"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10171\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}