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10 Apr 2015
AUD/USD: Bears jump in on Chinese data, testing 0.7700
FXStreet (Guatemala) - AUD/USD is currently trading 0.7700 with a high of 0.7723 and a low of 0.7692.
AUD/USD has dipped lower on the release of the Chinese data, taking the major commodity currency of its perch on the 0.77 handle where it had otherwise been stable and better bid over the course of the overnight session in the US. The pair drifted from 0.7680 in that session up to the aforementioned highs and the 0.7680 mark could be a target below the 0.77 handle for the bears should there be volumes added and traded on the offer post this data.
The Chinese data came in the form of the Consumer Price Index (MoM) that arrived at -0.5% in March and above the consensus of -0.6%. Then, we also had China's Producer Price Index (YoY) posting at -4.6% which was above expectations of -4.8%. This data leaves the the Aussie vulnerable to downside pressures as explained by Ivan Delgado, chief Asian editor. Meanwhile, technically, there is an offered theme to the pair while trading below the February and March highs at 0.7912/38 and targets, on aggressive follow though, could be a long squeeze through the handles the two month support line at 0.7508.
AUD/USD has dipped lower on the release of the Chinese data, taking the major commodity currency of its perch on the 0.77 handle where it had otherwise been stable and better bid over the course of the overnight session in the US. The pair drifted from 0.7680 in that session up to the aforementioned highs and the 0.7680 mark could be a target below the 0.77 handle for the bears should there be volumes added and traded on the offer post this data.
The Chinese data came in the form of the Consumer Price Index (MoM) that arrived at -0.5% in March and above the consensus of -0.6%. Then, we also had China's Producer Price Index (YoY) posting at -4.6% which was above expectations of -4.8%. This data leaves the the Aussie vulnerable to downside pressures as explained by Ivan Delgado, chief Asian editor. Meanwhile, technically, there is an offered theme to the pair while trading below the February and March highs at 0.7912/38 and targets, on aggressive follow though, could be a long squeeze through the handles the two month support line at 0.7508.