OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: AUD/USD recovers to 1.0240

The Australian dollar is gaining some traction now, recovering from session low in the proximities of 1.0200 after Chinese New Loans for the month of February fell to CNY 620 billion from CNY 1,070 billion in the previous month. The result was also short of expectations at CNY 750

“The substantial reduction in rate cut pricing for RBA easing has helped the Aussie avoid a break of 1.0100. However, with GDP distinctly sub-trend and key commodities trending lower, there is a limit to how far this repricing will proceed. 1.0115-1.0380 the range for now”, argues Sean Callow, Strategist at Westpac.

At the moment, the cross is up 0.15% at 1.0231
Next resistance levels align at 1.0245 (hourly highs Mar.8) followed by 1.0273 (MA21d) and then 1.0291 (high Mar.7).
On the flip side, a violation of 1.0211 (low Mar.8) would expose 1.0188 (low Mar.5) and finally 1.0172 (Lower Bollinger).

Switzerland: Real Retail Sales grow less than expected in January

On an annual basis Swiss Real Retail Sales rose 1.9% in January, sharply down from the 4.7% increase registered the previous month, the Swiss Federal Statistical Office reported on Monday. This result is below projections of a 2.8% expansion.
Read more Previous

Forex Flash: AUD/USD is bearish but may still retrace to 1.0384 - Commerzbank

Last week's rally failed at 1.0300 (38.2% retracement), but Commerzbank analysts remain unable to rule out a deeper retracement to tougher resistance at 1.0375/80 and at 1.0384 the 55 day ma, “where we should again see failure”. However, intraday support is at 1.0194 ahead of 1.0117, and “our longer term outlook is negative”, targeting 0.9805 (2011-2012 support line and then 0.9404 the 2009 peak).
Read more Next
Start livechat