Out of luck Aussie bulls on poor Capex

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD's resilience has been dented on the back of the Capex data coming in well below the expected bracket of between - 2.9% / -4.%.

    The major commodity currency has falling free fall over 30 pips on the release as the actual number Q/Q for Q3 arrived at -9.2%. Meanwhile, while the 4th estimate of investment plans for 2015/16, with the survey conducted from Oct to early Nov arrived in line with expectations, coming in at A$120bln and against 3rd estimate of A$115bln.

    The bulls hard work has all been but erased from the recovery at 0.7227 that made highs of 0.7262 leading into the data. The focus will now be over a chilled-out RBA until the February and the FOMC this December and key data leading into the the subsequent Fed's interest rate decision.

    AUD/USD downside targets

    Technically, AUD/USD bears are targeting the key 100 DMA at 0.7201 with a key objective targeting the pre-Aussie jobs data news price at 0.7060 in the medium term.

    For more information, read our latest forex news.

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