2012-07-10 14:29:00
1. Current trend of AUD/USD
On the daily chart the Australian Dollar continues to form “bullish” trend. The highest price for the AUD/USD at around 1.03227 was recorded last Friday. On this day large institutional players showed increased interest in purchases, amid the rise in price for raw materials. Since the beginning of trades this week correction in the pair takes place. The most significant resistance level is around 1.0116.
2. Fundamental data
Correction of the Australian dollar was driven by the data on Chinese imports, which was below expectations of the experts, despite the fact that trade surplus amounted to $31.72 billion. The imports increased only by 6.3% against the forecast of 11%. This figure is an alarming indication of slowdown in the Chinese economy.
China is the largest trading partner of Australia. Therefore, fundamental Chinese data affects the rates of the AUD. Information on the employment rate in Australia, which will be released on Thursday, will be worth of attention. Experts expect decline in the rate.
3. Important levels (Support and Resistance)
The most significant resistance levels are: 1.0244, 1.0328 and 1.0445.
The most significant support levels are: 1.0158, 1.0110 and 1.0032.
4. Best entry/exit points
Currently, the best target for the purchases is at the level of 1.0158, with protective stop around 1.0158.
On the daily chart the Australian Dollar continues to form “bullish” trend. The highest price for the AUD/USD at around 1.03227 was recorded last Friday. On this day large institutional players showed increased interest in purchases, amid the rise in price for raw materials. Since the beginning of trades this week correction in the pair takes place. The most significant resistance level is around 1.0116.
2. Fundamental data
Correction of the Australian dollar was driven by the data on Chinese imports, which was below expectations of the experts, despite the fact that trade surplus amounted to $31.72 billion. The imports increased only by 6.3% against the forecast of 11%. This figure is an alarming indication of slowdown in the Chinese economy.
China is the largest trading partner of Australia. Therefore, fundamental Chinese data affects the rates of the AUD. Information on the employment rate in Australia, which will be released on Thursday, will be worth of attention. Experts expect decline in the rate.
3. Important levels (Support and Resistance)
The most significant resistance levels are: 1.0244, 1.0328 and 1.0445.
The most significant support levels are: 1.0158, 1.0110 and 1.0032.
4. Best entry/exit points
Currently, the best target for the purchases is at the level of 1.0158, with protective stop around 1.0158.