{"id":6477,"date":"2010-02-02T12:15:34","date_gmt":"2010-02-02T17:15:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6477"},"modified":"2010-02-02T12:15:34","modified_gmt":"2010-02-02T17:15:34","slug":"audusd-stabilizes-following-large-pullback","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/02\/audusd-stabilizes-following-large-pullback\/","title":{"rendered":"AUD\/USD Stabilizes Following Large Pullback"},"content":{"rendered":"

By Fast Brokers<\/strong> – The RBA in fact opted to keep its benchmark rate in check during today\u2019s Asia trading session as the central bank monitors slight price declines and gauges the impact from China\u2019s more hawkish monetary policy stance.\u00a0 The RBA\u2019s decision surprised markets and resulted in an immediate selloff since a majority of analysts were pricing in a 25 basis point hike.\u00a0 Losses in the AUD\/USD were sizable, yet the currency pair managed to bottom out just around Monday lows.\u00a0 Therefore, the currency pair appears to have salvaged a more extensive collapse for the time being and is presently strengthening in light of better than expected U.S. Pending Home Sales data.\u00a0 Strong U.S. housing data has led investors back to the risk trade so far while gold strengthens above its psychological $1100\/oz level.\u00a0 In fact, the precious metal has broken out of our 3rd tier downtrend line, a positive sign for the Aussie since the trend line runs through the $1140\/oz level.\u00a0 Attention will shift back to Australia during tomorrow\u2019s Asia trading session with the release of Australia\u2019s Trade Balance.\u00a0 The Trade Balance data could have a considerable impact on the Aussie since analysts will likely dissect the numbers to get a better idea of how demand for the country\u2019s exports is faring.\u00a0 Should export data print strong this could provide some upward momentum for the AUD\/USD since investors will assume that the RBA is taking a wait and see approach in regards to its monetary policy.\u00a0 However, weak export demand could sound an alarm and yield a retreat in the currency pair.\u00a0 Additionally, the U.S. will release Services PMI and ADP Employment Change data.\u00a0 Hence, the AUD\/USD could remain active for the next 24-48 hours as investors digest the wealth of data and news.<\/p>\n

Technically speaking, the AUD\/USD has our 1st and 2nd tier uptrend line serving as technical cushions along with intraday lows and the psychological .8800 area.\u00a0 As for the topside, the AUD\/USD faces multiple downtrend lines along with 2\/1 and intraday highs.<\/p>\n

Price: .8824<\/p>\n

Resistances:\u00a0\u00a0 .8835, .8850, .8863, .8879, .8891<\/p>\n

Supports: .8808, .8798, .8780, .8767, .8750, .8740<\/p>\n

Psychological: .90, January highs and December lows<\/p>\n

\"\"<\/a><\/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 regardedneither 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 RBA in fact opted to keep its benchmark rate in check during today\u2019s Asia trading session as the central bank monitors slight price declines and gauges the impact from China\u2019s more hawkish monetary policy stance.\u00a0 The RBA\u2019s decision surprised markets and resulted in an immediate selloff since a majority of … <\/p>\n

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