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AUD/USD made it! Back above 0.9000

FXStreet (Edinburgh) - After dipping to the vicinity of 0.8980, or multi-month lows, AUD/USD managed to regain the 0.9000 handle on Monday.

AUD/USD hurt by Chinese data

Softer than expected Chinese data from Industrial Production and Retail Sales took a toll on the AUD in early trade, pushing spot to levels last seen in March below the 0.9000 mark. The demand for the Aussie dollar remains highly dependent on the Chinese economy amidst market chatter regarding the likeliness of further easing in the Asian giant. “The weekly chart converges with the implications of the daily patterns —in that the next major support point for the AUD lies in the upper 0.89 area. Bearish trend momentum on the longer-term chart also reinforces the likelihood of limited scope for counter-trend corrections from here in the medium-term (0.92 area)”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

AUD/USD relevant levels

The pair is now losing 0.19% at 0.9020 and a drop beyond 0.9000 (psychological level) would expose 0.8995 (low Mar.20) ahead of 0.8990 (low Mar.17). On the upside, the initial hurdle aligns at 0.9109 (high Sep.12) ahead of 0.9182 (200-d MA) and then 0.9218 (high Sep.10).

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