23 Aug 2013
AUD/USD rallying on Chinese rumors
FXstreet.com (Chicago) - AUD/USD rallied to 0.9041 highs on rumors that China may decrease reserve ratio requirements towards the end of the year.
RRR cut?
Price action reveals heavy buying on China’s Sec Journal rumors stating economists are predicting that the People’s Bank of China may cut RRR at the end of the current year. At 0.9035, the pair flows between supports at 0.9024 (August 21st lows), 0.8991 (August 1st highs) ahead of 0.8944 (July 31st lows) and resistances at 0.9056 (August 15th lows), 0.9099 (August 20th highs) followed by 0.9130 (July 25th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, trading above the EMA20.
RRR cut?
Price action reveals heavy buying on China’s Sec Journal rumors stating economists are predicting that the People’s Bank of China may cut RRR at the end of the current year. At 0.9035, the pair flows between supports at 0.9024 (August 21st lows), 0.8991 (August 1st highs) ahead of 0.8944 (July 31st lows) and resistances at 0.9056 (August 15th lows), 0.9099 (August 20th highs) followed by 0.9130 (July 25th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, trading above the EMA20.