{"id":9846,"date":"2010-05-31T12:14:23","date_gmt":"2010-05-31T16:14:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9846"},"modified":"2010-05-31T12:14:23","modified_gmt":"2010-05-31T16:14:23","slug":"audusd-balances-around-85","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/31\/audusd-balances-around-85\/","title":{"rendered":"AUD\/USD Balances Around .85"},"content":{"rendered":"

By Fast Brokers<\/strong> – The AUD\/USD is balancing around its psychological .85 level after Fitch\u2019s Spain downgrade sent the risk trade lower on Friday.\u00a0 However, the Aussie has been outperforming over the past few trading sessions ahead of tomorrow\u2019s key data.\u00a0 Australia will release retail sales and building approvals data followed by and RBA rate decision.\u00a0 Hence, tomorrow could prove to be a make or break session for the Aussie.\u00a0 Should Australia\u2019s economic data top expectations and the RBA give a neutral to positive outlook, the Aussie could extend its impressive upswing from previous May lows.\u00a0 However, conditions in the EU are still unstable and there\u2019s a high probability of a psychological event hitting again this week.\u00a0 Regardless, the Aussie will have enough data and news of its own to either exhibit a relative strength or weakness.\u00a0 The RBA was more cautious in its previous meeting minutes, meaning the odds of a rate hike tomorrow are low.\u00a0 Additionally, problems in the EU could keep the RBA in a defensive position.\u00a0 Therefore, more emphasis may be placed on the retail sales and building approvals data.\u00a0 The Aussie has edged above some key downtrend lines and the EUR\/USD and Cable have been trying to build a base over the past few sessions, meaning the Aussie could be poised for another solid near-term\u00a0 topside run should events unfold in a positive manner.\u00a0 On the other hand, these markets are very unpredictable and the possibility of a retracement exists.\u00a0 Hence, investors should be wary and keep a close watch on the wires.<\/p>\n

Technically speaking, the Aussie still faces multiple downtrend lines along with intraday and 5\/28 highs.\u00a0 As for the downside, the Aussie has technical cushions in the form of 5\/28 and 5\/19 lows.\u00a0 Additionally, the psychological .82 area could serve as a solid technical cushion should it be tested.<\/p>\n

Price: .8492
\nResistances:\u00a0 .8503, .8514, .8536, .8551, .8565, .8584
\nSupports:\u00a0 .8470, .8452, .8426, .8404, .8380, .8356
\nPsychological:\u00a0 .85, May lows<\/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 AUD\/USD is balancing around its psychological .85 level after Fitch\u2019s Spain downgrade sent the risk trade lower on Friday.\u00a0 However, the Aussie has been outperforming over the past few trading sessions ahead of tomorrow\u2019s key data.\u00a0 Australia will release retail sales and building approvals data followed by and RBA rate … <\/p>\n

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