{"id":10665,"date":"2010-06-30T09:30:42","date_gmt":"2010-06-30T13:30:42","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10665"},"modified":"2010-06-30T09:30:42","modified_gmt":"2010-06-30T13:30:42","slug":"audusd-tests-85-on-china-weakness","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/30\/audusd-tests-85-on-china-weakness\/","title":{"rendered":"AUD\/USD Tests .85 on China Weakness"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie has been driven towards a test of its psychological .85 level after the SCI tumbled by nearly -5% on fears of a slowdown in China.\u00a0 China\u2019s leading economic indicators cooled, showing the global economy\u2019s engine of recovery is slowing down.\u00a0 A slowdown in China would be natural considering recent real-estate measures and appreciation in the Yuan.\u00a0 Since Australia\u2019s impressive economic performance has been driven by Chinese demand for commodities, weakness in China tends to have a direct impact on the Aussie.\u00a0 After all, strong economic performance has yielded interest rate hikes at the RBA, hence the Aussie\u2019s rally over the past year.\u00a0 Meanwhile, the risk trade as a whole has been hit by uncertainty in the EU.\u00a0 Spain has requested that the ECB keep its emergency window open, raising concern that Spain\u2019s financial industry is not stable enough to stand on its own two feet.\u00a0 Moving further West, America\u2019s CB consumer confidence figure came in much lower than anticipated, revealing more cracks in the U.S. recovery.\u00a0 America will also release its ADP employment figure tomorrow, meaning markets should remain active over the next 24 hours.\u00a0 Australia will also release new home sales and private sector credit data tomorrow.\u00a0 It will be interesting to see whether interest rate hikes at the RBA are slowing down Australia\u2019s housing market.\u00a0 If so, the RBA would be less incline to raise again in July, a negative for the Aussie.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form of 6\/14 and 6\/28 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 testing its highly psychological .85 level and has technical supports in the form of intraday and 6\/11 lows.<\/p>\n

Price: .8540
\nResistances:\u00a0 .8549, .8565, 8587, .8613, .8633, .8671, .8690
\nSupports:\u00a0 .8523, .8500, .8461 .8431, .8396, .8363, .8350
\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 has been driven towards a test of its psychological .85 level after the SCI tumbled by nearly -5% on fears of a slowdown in China.\u00a0 China\u2019s leading economic indicators cooled, showing the global economy\u2019s engine of recovery is slowing down.\u00a0 A slowdown in China would be natural considering recent … <\/p>\n

Continue reading “AUD\/USD Tests .85 on China Weakness”<\/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-10665","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10665","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=10665"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10665\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}