21 Nov 2013
AUD/USD vulnerable to further weakness, watch RBA's Stevens/China HSBC
FXstreet.com (Barcelona) - AUD/USD saw a 1-way street moves on Wednesday, with a double topside failure just below 0.9450 leading to technical breakouts through 0.94 first, then 0.9360, only to end the US session a mere 20/30 pips above 0.93, and in the process, a sizeable bearish engulfing bar on the daily was printed.
China HSBC PMI, RBA Stevens speech eyed
The key event to keep an eye on this Thursday, other than the Chinese HSBC PMI (1.45GMT), will come ahead of the US session, when RBA Governor Stevens will deliver a speech (9GMT) on 30 years of the float of the Aud and according to Jim Langlands, Founder at FXCharts, "will almost certainly lay into it again, keeping the pressure on the down side."
AUD/USD technical notes
Langlands notes that "with the shorter term momentum indicators having now rolled over, and having broken through the rising trend support, we are back roughly in the middle of the 0.9250/0.9450 range and which could continue to dominate the Aud for the next few sessions." Langlands adds that "0.9310 (76.4%) would see a run towards 0.9280 and then towards the previous 12 November 0.9268 low and then base of the range at 0.9250, while on the topside, we need to regain 0.9400..."
China HSBC PMI, RBA Stevens speech eyed
The key event to keep an eye on this Thursday, other than the Chinese HSBC PMI (1.45GMT), will come ahead of the US session, when RBA Governor Stevens will deliver a speech (9GMT) on 30 years of the float of the Aud and according to Jim Langlands, Founder at FXCharts, "will almost certainly lay into it again, keeping the pressure on the down side."
AUD/USD technical notes
Langlands notes that "with the shorter term momentum indicators having now rolled over, and having broken through the rising trend support, we are back roughly in the middle of the 0.9250/0.9450 range and which could continue to dominate the Aud for the next few sessions." Langlands adds that "0.9310 (76.4%) would see a run towards 0.9280 and then towards the previous 12 November 0.9268 low and then base of the range at 0.9250, while on the topside, we need to regain 0.9400..."