21 Nov 2013
AUD/USD bearish march pauses at 0.93 ahead of RBA Stevens
FXstreet.com (Barcelona) - AUD/USD extended losses during the Asian session on Thursday, finding some tepid demand ahead of 0.9280 formidable support ahead of the RBA Governor Stevens speech later today.
The Antipodean currency, which was weighed by a marginal miss in China's flash HSBC PMI, claimed an additional 30+ pips in losses with null attempts by buyers to engage into the AUD market, which resulted in the pair trading heavy even before the Chinese data. The fact that AUD/USD broke through 0.9316 Wed's low ahead of the HSBC PMI proves the bearish mood present.
AUD/USD saw its day low at 0.9393 with little activity by sellers to try reported stops below 0.9170. It is worth noting the half-hearted bounce off today's low, with price consolidating near lows, another sign of poor buying interest.
Back to the RBA Governor speech on the 30th anniversary of the float in the Australian Dollar, Peter Whitley, Analyst at IFR Markets, notes: "Everybody expects the jawboning to continue but that doesn't seem to stop fresh selling interest."
The Antipodean currency, which was weighed by a marginal miss in China's flash HSBC PMI, claimed an additional 30+ pips in losses with null attempts by buyers to engage into the AUD market, which resulted in the pair trading heavy even before the Chinese data. The fact that AUD/USD broke through 0.9316 Wed's low ahead of the HSBC PMI proves the bearish mood present.
AUD/USD saw its day low at 0.9393 with little activity by sellers to try reported stops below 0.9170. It is worth noting the half-hearted bounce off today's low, with price consolidating near lows, another sign of poor buying interest.
Back to the RBA Governor speech on the 30th anniversary of the float in the Australian Dollar, Peter Whitley, Analyst at IFR Markets, notes: "Everybody expects the jawboning to continue but that doesn't seem to stop fresh selling interest."