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AUD/USD steady before China GDP highlight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7260 with a high of and 0.7273 and a low of 0.7253.

    AUD/USD was hit with offers into the closing sessions of last week, pressured with a slowdown in the recovery of commodities and stocks while speculation has arisen again for a rate cut from the RBA fueled by both weaknesses within the Financial Stability Report and on the Westpac news.

    The greenback was stronger into last week's closing on the latest CPI's. Those gave rise to the likelihood of a stronger PCE, being the Fed's preferred measure of inflation and could bolster the FOMC's confidence towards liftoff in December. For the start of this week, eyes will be all over Chinese Q3 GDP. "We see services growth outpacing slower manufacturing, offering some support to overall GDP," explained analysts at TD Securities.

    AUD/USD levels

    Technically, there was a bearish move below the 20 SMA on the hourly charts at the close of last week. Further downside threatens the 0.7200 level and could negate compromise the bullish trend with divergence of the 20 and 55 DMA. On the upside, through the 0.7300 level, and above the pivot of 0.7320, the key targets comes at the 0.7385 Fibo retracement.
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