Free Trial

Rate took a minor move lower on the back.....>

AUSSIE
AUSSIE: Rate took a minor move lower on the back of the bearish China headlines,
but the losses were somewhat limited as the AUD/USD pair looks comfortable
either side of the $0.68 handle. Nonetheless, AUDUSD suffered a bearish session
last Thursday as strong selling pressure followed the break of trendline support
at 0.6830, drawn off the Oct 2 low. The clear break of this trendline represents
a short-term bearish development and signals scope for a deeper pullback. 0.6770
has been achieved, this is the 61.8% retracement of the rally between Oct 2 and
Oct 31. The 76.4% level is at 0.6732. Resistance is Thursday's high of 0.6841.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@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.