9 Jan 2014
AUD/USD trips stops below 0.8870/80
FXstreet.com (Bali) - The Australian Dollar is picking up downside momentum after some stops went off below 0.8880, market sources report.
The drive lower came after China CPI saw a lower than expected reading at 2.5% Y/Y vs 2.7% estimates, with talk of softer price levels an indication that the Chinese economy is decelerating, and some traders speculated on this line to trip some stops on the way down.
The momentum has seen prices come to its lowest for the session at 0.8863 after some additional light stop below 0.8870 also were tripped, with larger stops below 0.8850. If below the latter, a retest of 0.8840 down to 0.8820 looks like the next target sellers will aim at.
The USD is bid across the board at the moment, also making some significant progress against the New Zealand Dollar.
The drive lower came after China CPI saw a lower than expected reading at 2.5% Y/Y vs 2.7% estimates, with talk of softer price levels an indication that the Chinese economy is decelerating, and some traders speculated on this line to trip some stops on the way down.
The momentum has seen prices come to its lowest for the session at 0.8863 after some additional light stop below 0.8870 also were tripped, with larger stops below 0.8850. If below the latter, a retest of 0.8840 down to 0.8820 looks like the next target sellers will aim at.
The USD is bid across the board at the moment, also making some significant progress against the New Zealand Dollar.