Free Trial

AUD/USD came under pressure in early.........>

AUSSIE
AUSSIE: AUD/USD came under pressure in early Asia-Pacific dealing, on the back
of modest risk aversion and a much softer than exp. AU building approvals
release. That was before the rate managed to move to session highs of $0.7197 on
the back of reports pointing to positive developments surrounding Italian fiscal
matters, although it ultimately failed to reclaim the key $0.7200 level.
- The rate has eased since and last deals at ~$0.7185.
- Nearby support is located at the September 18 low ($0.7144). Bigger picture,
the pair's close below $0.7200 brings the September 11 YTD low ($0.7085) into
play, ahead of the psychological $0.7000 level which is reported to hold
option-related support. Bulls need to reclaim $0.7200 and the 21-DMA in place
just above the figure to provide a degree of stabilisation, before attempting to
move towards the September 28 high ($0.7241).
- AU interest now turns to retail sales and trade data due later this week, as
well as an address from RBA's Heath.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.