{"id":7054,"date":"2010-02-23T12:28:58","date_gmt":"2010-02-23T17:28:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7054"},"modified":"2010-02-23T12:28:58","modified_gmt":"2010-02-23T17:28:58","slug":"audusd-drops-with-risk-trade","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/23\/audusd-drops-with-risk-trade\/","title":{"rendered":"AUD\/USD Drops with Risk Trade"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie is registering a sizable down-bar on the 4-hour as the risk trade pulls back across the board.\u00a0 Weak economic data from Europe and the U.S. has dented upward momentum built up towards the end of last week.\u00a0 The AUD\/USD is participating to the downside this time around despite its relative strength as of late.\u00a0 Although the Aussie has dipped back below its psychological level it is still trading comfortably above 2\/19 lows.\u00a0 Hence, the Aussie\u2019s uptrend is still intact.\u00a0 On the other hand, investors should continue to monitor activity in the Cable, EUR\/USD and gold.\u00a0 Should the Cable and EUR\/USD trip below their previous February lows and gold follow south the Aussie may participate due to correlative forces.\u00a0 Australia will release Construction Work and Wage Price \"\"<\/a>Increase data during tomorrow\u2019s Asia trading session.\u00a0 However, Thursday\u2019s CapEx data could have a larger impact on the Aussie.\u00a0 The U.S. will release New Home Sales data tomorrow accompanied by Bernanke\u2019s testimony before Congress.\u00a0 Hence, volatility could pick up across all major Dollar pairs, particularly if Bernanke signals any intent for the Fed to tighten its monetary policy in the foreseeable future.<\/p>\n

Technically speaking, the Aussie has multiple uptrend lines serving as technical cushions along with intraday, 2\/18, and 2\/19 lows.\u00a0 As for the topside, the Aussie has multiple downtrend lines serving as technical barriers along with the highly psychological. .90 level.<\/p>\n

Price: .8955<\/p>\n

Resistances:\u00a0\u00a0 .8969, .8981, .9004, .9018, .9039, .9059<\/p>\n

Supports: .8949, .8930, .8917, .8903, .8885, .8873<\/p>\n

Psychological: .90, February Highs<\/p>\n

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

(click 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 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 Aussie is registering a sizable down-bar on the 4-hour as the risk trade pulls back across the board.\u00a0 Weak economic data from Europe and the U.S. has dented upward momentum built up towards the end of last week.\u00a0 The AUD\/USD is participating to the downside this time around despite its … <\/p>\n

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