{"id":10532,"date":"2010-06-24T11:27:55","date_gmt":"2010-06-24T15:27:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10532"},"modified":"2010-06-24T11:27:55","modified_gmt":"2010-06-24T15:27:55","slug":"audusd-declines-on-risk-aversion-and-rudd-resignation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/24\/audusd-declines-on-risk-aversion-and-rudd-resignation\/","title":{"rendered":"AUD\/USD Declines on Risk-Aversion and Rudd Resignation"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie is following the risk trade lower as the EUR\/USD and USD\/JPY head south.\u00a0 Additionally, the Aussie is being hit by the surprise resignation of Prime Minister Rudd.\u00a0 Rudd is handing over the keys to Australia\u2019s first female PM, Julia Gillard.\u00a0 Rudd appears to be taking a sack for the team as opinion polls turn and threaten his Labor Party.\u00a0 Gillard has entered office by hinting at negotiations with Australia’s mining industry after Rudd imposed a hefty tax on the industry.\u00a0 Should Gillard lighten up on the tax this could actually prove to be a positive for the Aussie despite today\u2019s negative reaction.\u00a0 However, we will have to wait and see how the situation materializes since politics is never a straight-forward business.\u00a0 Meanwhile, Australia has been quiet on the data wire, leaving the Aussie up to its positive correlation with the risk trade along with psychological forces.\u00a0 That being said, it will be interesting to see how the risk trade reacts to upcoming U.S. data, including weekly unemployment claims and durable goods orders.\u00a0 The data wire will be relatively quiet across the board tomorrow, meaning present trends should prevails throughout the remainder of the trading week unless there is another psychological development in the EU or China.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form 6\/21 and 6\/23 highs.\u00a0 Additionally, the highly psychological .90 level should serve as a solid barrier should it be tested.\u00a0 As for the downside, the Aussie is accumulating uptrend lines along with intraday and 6\/17 lows.\u00a0 Furthermore, the psychological .85 level should serve as a solid technical cushion should it be reached.<\/p>\n

Price: .8671
\nResistances:\u00a0 .8671, .8710, .8738, .8764, 8801, .8826, .8859
\nSupports:\u00a0 .8633, .8613, .8587 .8565, .8543, .8523, .8500
\nPsychological:\u00a0 .90, .85<\/p>\n

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

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

Market Commentary<\/strong><\/em> provided by Fast Brokers.<\/a><\/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 following the risk trade lower as the EUR\/USD and USD\/JPY head south.\u00a0 Additionally, the Aussie is being hit by the surprise resignation of Prime Minister Rudd.\u00a0 Rudd is handing over the keys to Australia\u2019s first female PM, Julia Gillard.\u00a0 Rudd appears to be taking a sack for the … <\/p>\n

Continue reading “AUD\/USD Declines on Risk-Aversion and Rudd Resignation”<\/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-10532","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10532","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=10532"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10532\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}