{"id":9910,"date":"2010-06-02T08:07:45","date_gmt":"2010-06-02T12:07:45","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9910"},"modified":"2010-06-02T08:07:45","modified_gmt":"2010-06-02T12:07:45","slug":"audusd-sinks-after-gdp-disappoints","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/audusd-sinks-after-gdp-disappoints\/","title":{"rendered":"AUD\/USD Sinks after GDP Disappoints"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The Aussie is sinking back towards 6\/1 lows after Australia\u2019s GDP printed a basis point below analyst expectations.\u00a0 This adds onto yesterday\u2019s discouraging building approvals figure in showing that the RBA\u2019s rate hikes are cooling Australia\u2019s economy.\u00a0 Hence, the central bank may be less inclined to raise rates next month, especially considering present instability in the EU.\u00a0 Meanwhile, the Shanghai Composite is down another -1.6% right now and is heading towards a test of its psychological 2500 level.\u00a0 Hence, fears of a China slowdown are still weighing on equities and could also drag the Aussie lower due to the interdependence of the two economies.\u00a0 The EU data wire will be relatively quiet today, leaving U.S. pending home sales in the spotlight.\u00a0 Additionally, investors should watch out for any new developments in the EU regarding its fiscal crisis.\u00a0 Australia will release its trade balance data tomorrow and this should give investors a broader picture of the state of Australia\u2019s economy.\u00a0 Should the trade balance reveal a slowdown in export demand, this could weigh on the Aussie further since Australia is reliant on demand for its natural resources.<\/p>\n<p>Technically speaking, the Aussie still faces multiple downtrend lines along with 6\/1 and 5\/28 highs.\u00a0 As for the downside, the Aussie has technical cushions in the form of 5\/27 and 5\/25 lows.\u00a0 Additionally, the psychological .82 area could serve as a solid technical cushion should it be tested.<\/p>\n<p>Price: .8317<br \/>\nResistances:\u00a0 .8332, .8343, .8356, .8374, .8390, .8410, .8432<br \/>\nSupports:\u00a0 .8307, .8278, .8260, .8242, .8223, .8202, .8187<br \/>\nPsychological:\u00a0 .85, .80, May lows<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/June2Aussie.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/June2Aussie.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><strong>Fast                                  Brokers<\/strong>.<\/a><\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; The Aussie is sinking back towards 6\/1 lows after Australia\u2019s GDP printed a basis point below analyst expectations.\u00a0 This adds onto yesterday\u2019s discouraging building approvals figure in showing that the RBA\u2019s rate hikes are cooling Australia\u2019s economy.\u00a0 Hence, the central bank may be less inclined to raise rates next month, especially &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/audusd-sinks-after-gdp-disappoints\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AUD\/USD Sinks after GDP Disappoints&#8221;<\/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-9910","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9910","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=9910"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9910\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}