31 Jul 2013
AUD/USD collapses to three-year lows
FXstreet.com (New York) - The AUD/USD foreign exchange rate hit a new low Wednesday morning, having fallen below multiple supports during Asian trading.
AUD/USD technical bias
The AUD/USD is presently operating at the 0.9023 level at the time of writing, already incurring a staunch decline of -0.44% off its opening. Technically speaking, the AUD/USD stumbled below the 0.9065 (50-day SMA) and 0.9029 (July 12 low) supports, and will now face additional means of downward correction at 0.8995.
AUD/USD strategic bias
According to Jim Langlands at FX Charts, “RBA Governor, Glen Stevens, did not muck about when he put the boot into the AUD/USD yesterday and gave the bulls a serious headache in sending it down to a session low of 0.9043, on the back of his statement that the recent fall in AUD makes economic sense and that the RBA still has some scope to ease rates. Furthermore, he said that it would be no surprise if the AUD were to fall further given that the long rise in mining investment is now over and that the coming decline in resources investment could be sizable.”
AUD/USD technical bias
The AUD/USD is presently operating at the 0.9023 level at the time of writing, already incurring a staunch decline of -0.44% off its opening. Technically speaking, the AUD/USD stumbled below the 0.9065 (50-day SMA) and 0.9029 (July 12 low) supports, and will now face additional means of downward correction at 0.8995.
AUD/USD strategic bias
According to Jim Langlands at FX Charts, “RBA Governor, Glen Stevens, did not muck about when he put the boot into the AUD/USD yesterday and gave the bulls a serious headache in sending it down to a session low of 0.9043, on the back of his statement that the recent fall in AUD makes economic sense and that the RBA still has some scope to ease rates. Furthermore, he said that it would be no surprise if the AUD were to fall further given that the long rise in mining investment is now over and that the coming decline in resources investment could be sizable.”