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7 Mar 2013
Forex: AUD/USD little changed on bad Aus trade deficit
With Australian trade deficit 2 times wider than expected above the -1B, AUD/USD slides to fresh session lows at 1.0218, resuming the retraced started yesterday at fresh weekly highs around the 1.0300 round, still slightly in the positive for the week. Australian ASX index breaks even for the day so far, still around multi-month highs above the 5100 points mark. Little moves in equity, gold and oil markets for the day.
“The rally yesterday after the GDP was clear as a result of a market caught short,” says GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac Gregory McKenna, helping to extend the rebound from fresh 8-month lows Monday at 1.0116 to yesterday's weekly highs at 1.0301 were strong selling interest was reported. AUD/USD is last at 1.0228.
Immediate support to the downside for AUD/USD lies at Tuesday's NY session lows 1.0215, followed by Tuesday's lows at 1.0190, and Sept 05 lows at 1.0162. To the upside, nearest term resistance comes at Tuesday's Asian session highs 1.0250, followed by yesterday's NY session highs and previous daily high at 1.0294/1.0301, and Feb 25 highs at 1.3025/30.
“The rally yesterday after the GDP was clear as a result of a market caught short,” says GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac Gregory McKenna, helping to extend the rebound from fresh 8-month lows Monday at 1.0116 to yesterday's weekly highs at 1.0301 were strong selling interest was reported. AUD/USD is last at 1.0228.
Immediate support to the downside for AUD/USD lies at Tuesday's NY session lows 1.0215, followed by Tuesday's lows at 1.0190, and Sept 05 lows at 1.0162. To the upside, nearest term resistance comes at Tuesday's Asian session highs 1.0250, followed by yesterday's NY session highs and previous daily high at 1.0294/1.0301, and Feb 25 highs at 1.3025/30.