16 Jul 2014
AUD/USD heavy ahead of Chinese GDP
FXStreet (Bali) - AUD/USD continues exposed to selling pressure in early Tokyo, moving further away from key 0.94 resistance to currently visit session lows at 0.9357.
According to Peter Fell, Analyst at FXBeat: "Attention is firmly on China Q2 GDP, growth is expected to be unchanged from Q1 at 7.4%, a low print will likely see the Aussie coming under pressure, as it would indicate a slowing in their economy and vice verse. Support seen at 9349, 55 DMA, 9322 is the June 22nd low and also 61.8% fibo on the 9209 / 9505 rise. Topside, 9400/10 is proving a difficult hurdle."
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The short term outlook is bearish as per 20 SMA capping the upside and indicators heading slightly lower below their midlines. In the 4 hours chart indicators also head south below their midlines, with moving averages horizontal above current price, which reflects the lack of clear directional strength. Nevertheless, the downside is favored as long as below 0.9420, looking for a test of the 0.9330 strong static support zone."
According to Peter Fell, Analyst at FXBeat: "Attention is firmly on China Q2 GDP, growth is expected to be unchanged from Q1 at 7.4%, a low print will likely see the Aussie coming under pressure, as it would indicate a slowing in their economy and vice verse. Support seen at 9349, 55 DMA, 9322 is the June 22nd low and also 61.8% fibo on the 9209 / 9505 rise. Topside, 9400/10 is proving a difficult hurdle."
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The short term outlook is bearish as per 20 SMA capping the upside and indicators heading slightly lower below their midlines. In the 4 hours chart indicators also head south below their midlines, with moving averages horizontal above current price, which reflects the lack of clear directional strength. Nevertheless, the downside is favored as long as below 0.9420, looking for a test of the 0.9330 strong static support zone."