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May 24, 2013
AUD/USD gets pounded down to 0.9650
FXstreet.com (Barcelona) - The Aussie is having a hit again today in last trading day of the week in Asia-Pacific, down around 100 pips already for the session at 0.9655 last, or a -0.95% lower for the session. Broad USD strength is main reason behind AUD selling off.
Weak China MNI Business Sentiment Indicator down to 57.1 from previous 58.5 has not helped the pair either, following yesterday's worst China HSBC PMI data in 2013, and first one below 50 since Oct. Falling industrial commodities such as copper or Iron ore at fresh 2103 lows are also hurting the Aussie, that today was called as “top trade” for Goldman Sachs, selling it. The pair is down -7.14% year to date.
Immediate support to the downside for AUD/USD lies at recent session lows 0.9646, followed by yesterday's Asian session lows at 0.9618, and yesterday's fresh 11-month lows at 0.9590. To the upside, closest resistance shows at Wednesday's Asian session highs 0.9708, followed by Tuesday's lows at 0.9750, and yesterday's highs at 0.9780.
Weak China MNI Business Sentiment Indicator down to 57.1 from previous 58.5 has not helped the pair either, following yesterday's worst China HSBC PMI data in 2013, and first one below 50 since Oct. Falling industrial commodities such as copper or Iron ore at fresh 2103 lows are also hurting the Aussie, that today was called as “top trade” for Goldman Sachs, selling it. The pair is down -7.14% year to date.
Immediate support to the downside for AUD/USD lies at recent session lows 0.9646, followed by yesterday's Asian session lows at 0.9618, and yesterday's fresh 11-month lows at 0.9590. To the upside, closest resistance shows at Wednesday's Asian session highs 0.9708, followed by Tuesday's lows at 0.9750, and yesterday's highs at 0.9780.