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20 May 2015
AUD/USD: Testing lower of 0.7900 despite strong Aussie data
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7901 with a high of 0.7923 and a low of 0.7897.
AUD/USD has dipped to the downside even post the consumer sentiment data that come in far better than expected. But flows in the greenback are dominating the market and hence we are seeing a reverse of what one might expect with such numbers.
There has been a large scale flow on the Yen fix through USD/JPY which took the major out of a static phase on to the bid and up 10 pips which may have contributed to demand for the greenback in an otherwise static market We may see a turnaround on this data in due course as it came with a rise of 6.4% in May from 96.2 in April to 102.4 in May. This was a very strong result in the words of Bill Evans, Chief Economist at Westpac.
As suggested by Ivan Delgado, the Head of Asian Editors at FXStreet, whenever we see counter-intuitive moves such as we are seeing in the AUD/USD now, it signifies that market sentiment has turned very bearish near term. We are now testing the 0.79 handle in the Aussie post the data.
Technically, the near term uptrend in the Aussie came from 0.7945, and below here we are in bearish territory and a close below would confirm that the upside pressure has been alleviated. To the downside, the 0.7790/.7785 zone is compelling while the upside has 0.8027 as a key resistance.
AUD/USD has dipped to the downside even post the consumer sentiment data that come in far better than expected. But flows in the greenback are dominating the market and hence we are seeing a reverse of what one might expect with such numbers.
There has been a large scale flow on the Yen fix through USD/JPY which took the major out of a static phase on to the bid and up 10 pips which may have contributed to demand for the greenback in an otherwise static market We may see a turnaround on this data in due course as it came with a rise of 6.4% in May from 96.2 in April to 102.4 in May. This was a very strong result in the words of Bill Evans, Chief Economist at Westpac.
As suggested by Ivan Delgado, the Head of Asian Editors at FXStreet, whenever we see counter-intuitive moves such as we are seeing in the AUD/USD now, it signifies that market sentiment has turned very bearish near term. We are now testing the 0.79 handle in the Aussie post the data.
Technically, the near term uptrend in the Aussie came from 0.7945, and below here we are in bearish territory and a close below would confirm that the upside pressure has been alleviated. To the downside, the 0.7790/.7785 zone is compelling while the upside has 0.8027 as a key resistance.