16 Apr 2014
AUD/USD: China data dump eyed - Arab Bank
FXStreet (Bali) - The main risk for the AUD/USD today will come from a Chinese data dump, which will set the tone on the pair for the latter part of the Asian session, notes David Scutt, Treasury Dealer at Arab Bank in Australia.
Key Quotes
"A rare weak session for the AUDUSD overnight with profit-taking before today’s China data, along with the hotter-than-expected CPI print in the States, seeing the pair fall back to .9337 before recovering modestly into the close."
"As is the case with equities, perhaps the greatest risk of further weakness today will come from an at-expectations China data dump, something that’ll indicate slowing while reaffirming there’s no need to stimulate, with figures that are well away from expectations, be they weak or strong, likely to assist the Aussie in the latter parts of trade."
"Support is found between .9337-39 and at .9308 with resistance kicking in at .9381 and again above .9400."
Key Quotes
"A rare weak session for the AUDUSD overnight with profit-taking before today’s China data, along with the hotter-than-expected CPI print in the States, seeing the pair fall back to .9337 before recovering modestly into the close."
"As is the case with equities, perhaps the greatest risk of further weakness today will come from an at-expectations China data dump, something that’ll indicate slowing while reaffirming there’s no need to stimulate, with figures that are well away from expectations, be they weak or strong, likely to assist the Aussie in the latter parts of trade."
"Support is found between .9337-39 and at .9308 with resistance kicking in at .9381 and again above .9400."