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20 Jun 2013
AUD/USD fresh lows
FXstreet.com (London) - AUD/USD dropped in free fall from 0.9559 until 0.9261 before it found a base over night.
AUD/USD on FOMC
Last night came the release of FOMC, when the market listened to the committee’s statement. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. In all, the statement was a little more upbeat on the economy but showed little concern about inflation, except there being a more upbeat unemployment rate which might bring in a rate hike in a little closer. The Aussie has been one of the worst performers since the release in typical risk off fashion. While there are no further announcements for the Australian economy later tonight, next up in focus will be yet further US data in the form of, Initial Jobless Claims (12.30GMT), Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
AUD/USD price action
AUD/USD dropped from 0.9559 until 0.9261 before it found a base to take profits until 0.9315 post FOMC statements. 0.9163 has been the low so far in the European session before a bounce to print above 0.9200 the figure only to find resistance at 0.9214. Technically, the pair are trading well below pivot 0.9379, which acts as resistance. There are bearish momentum indicators and the shorter term MA’s are showing a downside bias. Price target comes in at the psychological handle of 0.9000, yet further levels to the downside not seen since 2010.
AUD/USD on FOMC
Last night came the release of FOMC, when the market listened to the committee’s statement. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. In all, the statement was a little more upbeat on the economy but showed little concern about inflation, except there being a more upbeat unemployment rate which might bring in a rate hike in a little closer. The Aussie has been one of the worst performers since the release in typical risk off fashion. While there are no further announcements for the Australian economy later tonight, next up in focus will be yet further US data in the form of, Initial Jobless Claims (12.30GMT), Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
AUD/USD price action
AUD/USD dropped from 0.9559 until 0.9261 before it found a base to take profits until 0.9315 post FOMC statements. 0.9163 has been the low so far in the European session before a bounce to print above 0.9200 the figure only to find resistance at 0.9214. Technically, the pair are trading well below pivot 0.9379, which acts as resistance. There are bearish momentum indicators and the shorter term MA’s are showing a downside bias. Price target comes in at the psychological handle of 0.9000, yet further levels to the downside not seen since 2010.