The Australian dollar continues licking its wounds after the excellent US NFP report and it’s holding above 0.70. Can it recover? Not so fast: things are looking a bit negative. Here are 3 recent negative developments: Chinese trade: The economic giant reported a y/y drop in exports and a bigger 18.8% drop in imports for the month of October. Both numbers were worse than expected. The drop in imports means less demand for Australian commodities. Chinese inflation: Prices dropped by 0.3% in October and y/y they rose only 1.3%. PPI remains at -5.9%. These disappointment and negative signs also point to a slowdown. Australian business confidence: The NAB Business Confidence dropped from 5 to 2 points in Q3. This is not only related to China and also adds to worries. Next on the agenda we have industrial output from China tomorrow morning and Australian employment figures on Thursday. AUD/USD is very stable in range: trading at 0.7050 at the time of writing, between 0.70 and 07065. So far, it seems to respect the round level of 0.70. But for how long? Below, support awaits at 0.6935, which was a double bottom. Higher resistance awaits at 0.7110 and 0.72. More: AUD: Maxed Out? – Credit Agricole In our latest podcast we explain how to trade the euro printing machine: Follow us on Sticher or on iTunes 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next A Quiet day in the FX markets FxPro - Forex Broker 7 years The Australian dollar continues licking its wounds after the excellent US NFP report and it's holding above 0.70. Can it recover? Not so fast: things are looking a bit negative. Here are 3 recent negative developments: Chinese trade: The economic giant reported a y/y drop in exports and a bigger 18.8% drop in imports for the month of October. Both numbers were worse than expected. The drop in imports means less demand for Australian commodities. Chinese inflation: Prices dropped by 0.3% in October and y/y they rose only 1.3%. PPI remains at -5.9%. These disappointment and negative signs also point… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
