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10 Dec 2014
AUD/USD aims to resume bear trend, China's CPI disappoints
FXStreet (Bali) - AUD/USD bear trend is resuming in Asia, with the rate printing its lowest for the session at 0.8267 after Tuesday saw a massive flush out of sellers following a round trip to 0.8360/70 resistance, only to collapse lower again.
AUD has seen the bearish pressure increased following 'disturbing' Westpac's consumer confidence data. Although most of the sharp move lower in Asia has come as a response to lower Chinese inflation data. China Consumer Price Index (YoY) registered at 1.4%, below expectations (1.6%) in November, with the monthly reading coming at -0.2%, below expectations (0%). China Producer Price Index (YoY) was also below expectations (-2.4%) in November, standing at -2.7%.
Jim Langlands, Founder at FXCharts, notes: "On the downside 0.8270 and 0.8250 will provide support ahead of the 0.8225 low. A break would take us to 0.8200, below which there is not a whole lot to hold the Aud up until 0.8100 and the the May 2010 lows at 0.8066." On the topside, 0.8290/0.83 should now act as resistance ahead of 0.8320/25, 0.8350/70.
AUD has seen the bearish pressure increased following 'disturbing' Westpac's consumer confidence data. Although most of the sharp move lower in Asia has come as a response to lower Chinese inflation data. China Consumer Price Index (YoY) registered at 1.4%, below expectations (1.6%) in November, with the monthly reading coming at -0.2%, below expectations (0%). China Producer Price Index (YoY) was also below expectations (-2.4%) in November, standing at -2.7%.
Jim Langlands, Founder at FXCharts, notes: "On the downside 0.8270 and 0.8250 will provide support ahead of the 0.8225 low. A break would take us to 0.8200, below which there is not a whole lot to hold the Aud up until 0.8100 and the the May 2010 lows at 0.8066." On the topside, 0.8290/0.83 should now act as resistance ahead of 0.8320/25, 0.8350/70.