{"id":9547,"date":"2010-05-18T14:43:22","date_gmt":"2010-05-18T18:43:22","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9547"},"modified":"2010-05-18T14:43:22","modified_gmt":"2010-05-18T18:43:22","slug":"audusd-drops-below-55-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/18\/audusd-drops-below-55-lows\/","title":{"rendered":"AUD\/USD Drops Below 5\/5 Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie has dropped through 5\/5 lows and a key uptrend line.\u00a0 Hence, if there is a thorough confirmation to the downside the Aussie could be sending technical signals that a more protracted downturn may be approaching.\u00a0 Considering the performance of the Aussie tends to be inextricably tied to China, this could be foreboding of more problems in the Far East.\u00a0 However, before we get ahead of ourselves we would need to see a clear downside confirmation in the Aussie along with accompanying psychological developments.\u00a0 Meanwhile, the Aussie is underperforming today after the RBA meeting minutes showed that the central bank\u2019s rate hikes could be coming to an end.\u00a0 Problems in the EU as well as new restrictive real estate rules in China are enticing the RBA to pause and see how Australia\u2019s economy fares.\u00a0 Speaking of which, the RBA noted that higher interest rates are beginning to have a noticeable impact on economic performance, further solidifying a more neutral rate stance next month.\u00a0 Australia will release consumer sentiment and wage price data tomorrow followed by U.S. CPI.\u00a0 However, focus should remain on the ability of the Shanghai Composite to stabilize and EU jitters to calm.\u00a0 Should either condition worsen then the Aussie could find itself confirming our suspicion.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form of intraday and 5\/5 highs. As for the downside, the Aussie has technical cushions in the form of intraday lows and the psychological .87 and .86 levels.<\/p>\n

Price: .8754
\nResistances:\u00a0 .8765, .8782, .8803, .8822, .8843, .8855, .8869
\nSupports:\u00a0 .8744, .8734, .8721, .8709, .8693, .8681
\nPsychological:\u00a0 .89, .88, .87, May 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 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 dropped through 5\/5 lows and a key uptrend line.\u00a0 Hence, if there is a thorough confirmation to the downside the Aussie could be sending technical signals that a more protracted downturn may be approaching.\u00a0 Considering the performance of the Aussie tends to be inextricably tied to China, this … <\/p>\n

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