{"id":9312,"date":"2010-05-11T13:37:55","date_gmt":"2010-05-11T17:37:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9312"},"modified":"2010-05-11T13:37:55","modified_gmt":"2010-05-11T17:37:55","slug":"audusd-shrugs-with-risk-trade","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/11\/audusd-shrugs-with-risk-trade\/","title":{"rendered":"AUD\/USD Shrugs with Risk Trade"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Aussie has stumbled back below its psychological .90 level as the risk trade struggles across the board.\u00a0 The EUR\/USD is sliding towards Thursday lows with investors and analysts questioning the effectiveness of the $1 trillion rescue package.\u00a0 The Aussie has naturally followed the risk trade lower today considering RBA could lay off of its hawkish monetary policy stance.\u00a0 In addition to the influence of the EU, the Aussie is also reacting negatively to today\u2019s disconcerting data and news from China.\u00a0 Chinese pricing data eclipsed analyst estimates, stoking speculation that the government will need to get more aggressive in cooling the economy.\u00a0 In fact, a comment emanated from the central bank stating that China is nearly ready to begin tightening and appreciating the Yuan.\u00a0 The SCI tumbled in reaction to these developments, officially entering a bear market.\u00a0 This is negative for the Aussie since a slowdown in China\u2019s economy could take a large bite out of demand for Australia\u2019s resources, a key component of GDP.\u00a0 Hence, the Aussie is losing a bit of its allure as an outperformer in the FX markets.\u00a0 Australia will light up the data wire tomorrow by releasing its home loans figure.\u00a0 Should the number disappoint this could weigh on the Aussie since the RBA may determine that its rate hikes are having their desired impact.\u00a0 On the other hand, strong home loans data could buoy the Aussie due to speculation that the RBA could stay aggressive monetarily next month.\u00a0 The EU, UK, and U.S. will also release key data points, meaning the Aussie could remain active for the next 24 hours.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form of the psychological .90 area along with intraday and 5\/5 highs.\u00a0 As for the downside, the Aussie has technical cushions in the form of intraday and 5\/6 lows along with the psychological .89 and .88 levels.<\/p>\n

Price: .8961
\nResistances:\u00a0 .8964, .8976, .8987, .9001, .9017, .9036, .9057
\nSupports:\u00a0 .8947, .8932, .8920, .8908, .8888, .8879, .8855
\nPsychological:\u00a0 .90, .89, .88<\/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 has stumbled back below its psychological .90 level as the risk trade struggles across the board.\u00a0 The EUR\/USD is sliding towards Thursday lows with investors and analysts questioning the effectiveness of the $1 trillion rescue package.\u00a0 The Aussie has naturally followed the risk trade lower today considering RBA could … <\/p>\n

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