{"id":10335,"date":"2010-06-17T08:02:07","date_gmt":"2010-06-17T12:02:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10335"},"modified":"2010-06-17T08:02:07","modified_gmt":"2010-06-17T12:02:07","slug":"audusd-holds-above-86-as-risk-trade-moves-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/17\/audusd-holds-above-86-as-risk-trade-moves-higher\/","title":{"rendered":"AUD\/USD Holds Above .86 as Risk Trade Moves Higher"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie is hold well above .86 while staring down monthly highs as the Euro posts a solid bounce.\u00a0 Investors continue to gain confidence in the risk trade as EU leaders meet for a one day summit in an effort to boost confidence in the union.\u00a0 Spain also announced it will release the results from its bank stress tests and other nations may follow suit.\u00a0 In all, money flows into the Euro have been encouraging and the risk trade as a whole has made a promising recovery from June lows.\u00a0 However, economic headwinds do remain and the Aussie is no exception.\u00a0 As we mentioned in our previous commentary, investors should keep a close eye for any developments in China regarding currency reform.\u00a0 Several articles have popped up in the China Daily lately suggesting that the government is planning to appreciate soon.\u00a0 Should the Chinese government in fact take action this could apply some near-term downward pressure on the Aussie since a stronger Yuan should cool growth in China.\u00a0 Meanwhile, the Shanghai Composite is still hanging around 2500 and it will be interesting to see whether this psychological level continues to hold.\u00a0 Australia will be quiet on the data wire for the remainder of the week, meaning the currency pair will likely follow its positive correlation with the risk trade for the time being.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form of 6\/14 and 5\/18 highs.\u00a0 As for the downside, the Aussie has supports in the form of uptrend lines running from May lows along with 6\/11 lows and the psychological .85 and .84 levels.<\/p>\n

Price: .8615
\nResistances:\u00a0 .8671, .8690, 8713, .8738, .8770, .8794, .8831
\nSupports:\u00a0 .8633, .8613, .8587, .8565, .8543, .8523, .8500
\nPsychological:\u00a0 .85<\/p>\n

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

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

Market Commentary<\/strong><\/em> provided by Fast Brokers.<\/a><\/span><\/strong><\/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 is hold well above .86 while staring down monthly highs as the Euro posts a solid bounce.\u00a0 Investors continue to gain confidence in the risk trade as EU leaders meet for a one day summit in an effort to boost confidence in the union.\u00a0 Spain also announced it will … <\/p>\n

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