9 Dec 2014
AUD/USD keeps sliding, new 4-1/2 year low
FXStreet (Bali) - The Aussie continues to be offered outright across Asian hours, setting a new 4-1/2 year low, not seen since May 2010, at 0.8223.
Calls for lower interest rates in Australia by several investment banks, with NAB the last one to join the bandwagon, coupled with declining business confidence/conditions - published earlier today - and sour sentiment in Asian equity markets, are attributed as the main drivers weighing on the Aussie today.
Technically, Jim Langlands, Founder at FXCharts, notes: "There is not a great deal of support to be seen until the May 2010 lows at 0.8066. Before then 0.8200 and 0.8100 would provide obvious psychological levels where buyers will congregate." On the uspide, 0.8260 is now key resistance.
Calls for lower interest rates in Australia by several investment banks, with NAB the last one to join the bandwagon, coupled with declining business confidence/conditions - published earlier today - and sour sentiment in Asian equity markets, are attributed as the main drivers weighing on the Aussie today.
Technically, Jim Langlands, Founder at FXCharts, notes: "There is not a great deal of support to be seen until the May 2010 lows at 0.8066. Before then 0.8200 and 0.8100 would provide obvious psychological levels where buyers will congregate." On the uspide, 0.8260 is now key resistance.