Posts Tagged ‘AUD/USD’

Disappointing Chinese trade data saw Asian stocks declining and the US Dollar and Japanese Yen gain ground as traders turned to these safe haven currencies. The Chinese report showed that imports grew by only 6.3 percent in June, compared to May’s figures of 12.7 percent and the 11 percent analysts had forecasted. This is disappointing and places a question mark on Asian growth as many of the economies in the area rely on China as their main source of demand.

Thus, overnight Forex tsraders saw the USD gain ground while the AUD (Australian Dollar) and NZD (New Zealand dollar) slipped. Clearly, many online traders opted to mitigate risk and buy up the greenback and Yen. (more…)

RBA, The Reserve Bank of Australia, decided on Tuesday to keep the interest rates unchanged for the third month in a row. We continue to see strong numbers for Australian employment and growth, and expect AUD to continue being strong against the USD with many carry traders moving to the pair (USD/AUD).

Strong growth among Australia’s trading partners

Economic data for the June quarter indicate strong growth, around 6 %, for Australia’s major trading partners. China, Japan and Korea had a stronger growth than expected, while the US economy grows less than expected.

Economic conditions in Australia

First, the Australian labour market has continued to show more jobs, while employment increased by over 46 000 jobs in June, growing 3.25 % since (more…)

Today we cover two interesting currencies which seen increased volume in the last 6 months – Australian dollar against the U.S. Dollar. Here is a brief currency forecast from a technical analyst point of view.

AUD/USD – Short-term

Over the next 48 hours, make sure to keep track of the following resistance and support levels:
-Resistance to AUD/USD: 0.9190-06, 0.9228, 0.9276-90 and 0.9404
-Support for AUD/USD: 0.9136, 0.9118, 0.9050-75 and 0.8997

Although there is support for the currency pair around 0.9118, the possibility for a break through the resistance at 0.9228 remains. In the short term, most of the leading forex analysts believe in a bullish move, ie. Australian to U.S. dollars strengthened against the USD.

AUD / USD – medium term

We have seen a (more…)