Back
10 Mar 2014
AUD/USD tests lows near 0.9030
FXStreet (Edinburgh) - The Aussie dollar is trading on the back foot at the beginning of the week, taking the AUD/USD to session lows in the vicinity of 0.9030.
AUD/USD weaker on China
Trade figures from the Chinese economy surprised investors to the downside over the weekend, posting a deficit of CNY22.98 billion in February along with a concerning drop of 18.1% in exports. There is no data in Oz today while markets would still be digesting Friday’s Payrolls (175K act.). According to Axel Rudolph, Senior Technical Analysis at Commerzbank, commented, the pair “came close to the 200 day moving average and the 2013-2014 resistance line at .9169 where we suspect the current up move will falter.
AUD/USD key levels
The pair is now losing 0.49% at 0.9026 with the next support at 0.8973 (low Mar.6) ahead of 0.8934 (low Mar.5) and then 0.8924 (50-d MA). On the flip side, a break above 0.9135 (high Mar.7) would aim for 0.9152 (high Dec.11) and then 0.9164 (200-d MA).
AUD/USD weaker on China
Trade figures from the Chinese economy surprised investors to the downside over the weekend, posting a deficit of CNY22.98 billion in February along with a concerning drop of 18.1% in exports. There is no data in Oz today while markets would still be digesting Friday’s Payrolls (175K act.). According to Axel Rudolph, Senior Technical Analysis at Commerzbank, commented, the pair “came close to the 200 day moving average and the 2013-2014 resistance line at .9169 where we suspect the current up move will falter.
AUD/USD key levels
The pair is now losing 0.49% at 0.9026 with the next support at 0.8973 (low Mar.6) ahead of 0.8934 (low Mar.5) and then 0.8924 (50-d MA). On the flip side, a break above 0.9135 (high Mar.7) would aim for 0.9152 (high Dec.11) and then 0.9164 (200-d MA).