{"id":7932,"date":"2010-03-24T13:24:55","date_gmt":"2010-03-24T17:24:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7932"},"modified":"2010-03-24T13:24:55","modified_gmt":"2010-03-24T17:24:55","slug":"audusd-avoids-retest-of-weekly-lows-despite-dollar-strength","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/24\/audusd-avoids-retest-of-weekly-lows-despite-dollar-strength\/","title":{"rendered":"AUD\/USD Avoids Retest of Weekly Lows Despite Dollar Strength"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie is battling to avoid a retest of 3\/22 lows after a wave of risk aversion hit the FX markets in reaction to more negative news from the EU.\u00a0 Fitch downgraded Portugal\u2019s credit rating, adding onto negative momentum stemming from a lack of cooperation in regards to providing Greece with financial assistance as it implements aggressive austerity measures.\u00a0 Increasing uncertainty in the EU is weighing down on the Aussie since the RBA will likely deliberate this during next month\u2019s meeting.\u00a0 Should EU economic conditions deteriorate further, the RBA could be enticed to keep its monetary policy in check, slowing the Aussie\u2019s uptrend.\u00a0 All of this being said, the Aussie is still outperforming the Euro and Pound by a long shot since Australia\u2019s economic data has been altogether positive so far this year.\u00a0 Today\u2019s Japanese Trade Balance data revealed strong demand from China, a positive catalyst for the Aussie since China\u2019s post-crisis boom has increased demand for Australia\u2019s commodities.\u00a0 Meanwhile, it will be interesting to see whether the Aussie can stabilize from present levels, for its uptrend could snap should losses extend in the EUR\/USD and Cable.\u00a0 Investors are locking in Dollar profits right now in reaction to weaker than expected U.S. New Home Sales data.\u00a0 However, it remains to be seen how far this boost will take us.\u00a0 The EU summit begins tomorrow surrounded by EU, UK, and U.S. data releases, meaning tomorrow could prove to be an active day as well.
\nTechnically speaking, the Aussie has intraday, 3\/22, and 3\/9 lows serving as technical cushions along with the .91 and .90 levels should they be retested.\u00a0 As for the topside, the Aussie now faces multiple downtrend lines along with 3\/23 and 3\/17 highs.<\/p>\n

Price: .9117
\nResistances: .9125, .9137, .9145, .9156, .9162, .9169
\nSupports: .9110, .9101, .9087, .9073, .9061
\nPsychological: .91, .90, 2010 highs<\/p>\n

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

(click chart 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 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 battling to avoid a retest of 3\/22 lows after a wave of risk aversion hit the FX markets in reaction to more negative news from the EU.\u00a0 Fitch downgraded Portugal\u2019s credit rating, adding onto negative momentum stemming from a lack of cooperation in regards to providing Greece with … <\/p>\n

Continue reading “AUD\/USD Avoids Retest of Weekly Lows Despite Dollar Strength”<\/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-7932","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7932","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=7932"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7932\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}