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2 Aug 2013
AUD/USD still being crushed at 0.8932. When will the carnage end
FXstreet.com (Barcelona) - A positive surprise with the Chinese PMI number and two strong US data points kept the heat on the AUD/USD Thursday. Technical projections show even more downside could be in store before any bounce occurs.
AUD/USD can’t catch a break from the data flow
For nearly two weeks now, almost every piece of news or economic data has served to further weigh down an already beaten up AUD/USD. Thursday proved to be no different with better-than-expected weekly jobless claims and a stronger-than-expected ISM Manufacturing PMI out of the US. Even data that should have helped the Aussie Dollar in the form of better manufacturing PMI out of China really did not do anything to alter the recent downtrend. Traders now will be eyeing PPI data out of Australia in about an hour and the monthly employment report in the US later Friday for more guidance on the AUD/USD.
Technical outlook for AUD/USD
Technicians are now eyeing the Fibonacci projection down at 0.8836 as a point where a minor bounce will occur for AUD/USD with 0.8812 being the ultimate target for this down move. Short-term resistance now comes in at the July 5th close at 0.9055 and is followed up by a Fibonacci retracement line at 0.9226.
AUD/USD can’t catch a break from the data flow
For nearly two weeks now, almost every piece of news or economic data has served to further weigh down an already beaten up AUD/USD. Thursday proved to be no different with better-than-expected weekly jobless claims and a stronger-than-expected ISM Manufacturing PMI out of the US. Even data that should have helped the Aussie Dollar in the form of better manufacturing PMI out of China really did not do anything to alter the recent downtrend. Traders now will be eyeing PPI data out of Australia in about an hour and the monthly employment report in the US later Friday for more guidance on the AUD/USD.
Technical outlook for AUD/USD
Technicians are now eyeing the Fibonacci projection down at 0.8836 as a point where a minor bounce will occur for AUD/USD with 0.8812 being the ultimate target for this down move. Short-term resistance now comes in at the July 5th close at 0.9055 and is followed up by a Fibonacci retracement line at 0.9226.