21 Aug 2013
AUD/USD bearish pressure builds; 0.91 well protected
FXstreet.com (Barcelona) - AUD/USD extended its slide after topside failure at 0.9220, with the pair trading as low as 0.9030 in the last Asian session before solid bids emerged through Europe, sending the rate to round number 0.91 before current retrace to 0.9065.
AUD/USD technicals uninspiring
The technical reading in the AUD/USD remains bearish, with the daily engulfing bar printed Monday a reminder of how constrained the upside remains, as pressure builds to take out reported solid bids at 0.90 up to 0.9040.
AUD/USD main drivers
Ahead of the Australian elections early September, there are 2 additional drivers likely to impact on the AUD's price action, one being expectations for Fed tapering and secondly this week's China PMI. Despite the Aussie may enjoy renewed buying interest subject to next driver's outcomes, we highlighted yesterday how hard is to build a sustainable bullish case as things stand.
View from In-House Analyst
In view of Valeria Bednarik, Chief Analyst at FXstreet.com: "The downside is again favored in the pair towards 0.90 area, ahead of fresh yearly lows on a break below this last."
AUD/USD technicals uninspiring
The technical reading in the AUD/USD remains bearish, with the daily engulfing bar printed Monday a reminder of how constrained the upside remains, as pressure builds to take out reported solid bids at 0.90 up to 0.9040.
AUD/USD main drivers
Ahead of the Australian elections early September, there are 2 additional drivers likely to impact on the AUD's price action, one being expectations for Fed tapering and secondly this week's China PMI. Despite the Aussie may enjoy renewed buying interest subject to next driver's outcomes, we highlighted yesterday how hard is to build a sustainable bullish case as things stand.
View from In-House Analyst
In view of Valeria Bednarik, Chief Analyst at FXstreet.com: "The downside is again favored in the pair towards 0.90 area, ahead of fresh yearly lows on a break below this last."