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29 May 2015
AUD/USD: Downside wide open toward 2015 lows
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7653 with a high of 0.7675 and a low of 0.7628.
AUD/USD is consolidated post a lousy week on the back of strength in the US dollar, risk aversion and downbeat data in Australia. The Capex data earlier this week arrived as -4.4% for Q1 vs - 2.2% in Q4 last year, while most important was the second estimate for 2015/16 where Capex was A$104.0 bln vs earlier higher estimates of A$109.8 bln. Today from the US, PCE was a disappointment while GDP printed slightly better than expected with -0.7% vs -0.8%.
Technically, we have 0.7535 April lows in sight on further supply below 0.7600. Meanwhile, analysts at UOB Group explained that the down-move is still clearly incomplete and from here, the next target to aim for is at 0.7555 which is just above the year’s aforementioned low of 0.7535. "We have moved the stop-loss lower to 0.7780 from 0.7840 yesterday".
AUD/USD is consolidated post a lousy week on the back of strength in the US dollar, risk aversion and downbeat data in Australia. The Capex data earlier this week arrived as -4.4% for Q1 vs - 2.2% in Q4 last year, while most important was the second estimate for 2015/16 where Capex was A$104.0 bln vs earlier higher estimates of A$109.8 bln. Today from the US, PCE was a disappointment while GDP printed slightly better than expected with -0.7% vs -0.8%.
Technically, we have 0.7535 April lows in sight on further supply below 0.7600. Meanwhile, analysts at UOB Group explained that the down-move is still clearly incomplete and from here, the next target to aim for is at 0.7555 which is just above the year’s aforementioned low of 0.7535. "We have moved the stop-loss lower to 0.7780 from 0.7840 yesterday".