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AUD/USD grinds lower ahead of key Chinese release

There is no mercy for the Australian dollar. AUD/USD is now trading just above 0.89, continuing the slide that it suffered from last week. Chinese stimulus gave the A$ a shot in the arm, but this faded away quite quickly as the US dollar rallied following the Fed decision. Late in the week, the trend intensified and the pair closed around 0.8920.

AUDUSD September 22 2014 falls to 89 cents Australian dollar technical analysis

The downtrend resumed in the wake of the new week,  and again Chiina is in the limelight: the preliminary Chinese HSBC manufacturing PMI is eyed: it is an independent measure of the health of the  world’s No. 2 economy, Australia’s No. 1 trade partner. A figure of 50, showing no growth prospects is expected.

If the  tentative break below 0.8910 is confirmed, the next level of support appears only at 0.8820. Resistance is at the round and clear separator of 0.90, followed by 0.91. For more, see the Australian dollar forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.