29 Apr 2014
AUD/USD set new lows for the week
FXStreet (Bali) - AUD/USD has come under pressure at the early going of the Asian trade, posting a new weekly low of 0.9240 before bids re-emerged.
The heave tone in the Aussie follow persistent declining prices in the iron ore market on concerns over a Chinese crackdown on legal financing practices.
According to NAB: "Chinese press reports that higher financing costs for iron ore buyers will apply from May 1 (i.e. Thursday)..."
Technically, as Valeria Bednarik, Chief Analyst at FXStreet, notes, "the hourly chart is showing the 20 SMA gaining bearish slope, and indicators in negative territory, while in the 4 hours chart price bounced by the pip from its 200 EMA, but the overall bias remains bearish with scope now to extend down to 0.9170 next strong support."
The heave tone in the Aussie follow persistent declining prices in the iron ore market on concerns over a Chinese crackdown on legal financing practices.
According to NAB: "Chinese press reports that higher financing costs for iron ore buyers will apply from May 1 (i.e. Thursday)..."
Technically, as Valeria Bednarik, Chief Analyst at FXStreet, notes, "the hourly chart is showing the 20 SMA gaining bearish slope, and indicators in negative territory, while in the 4 hours chart price bounced by the pip from its 200 EMA, but the overall bias remains bearish with scope now to extend down to 0.9170 next strong support."