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12 Mar 2014
AUD lower on risk-off, catches small bounce
FXStreet (Guatemala) - AUD/USD caught a bounce when the pair reached 0.8920 and is trading back into the 0.8960’s.
Strategists at TD Securities noted that the AUD/USD risk appetite weakened yesterday as base metals prices continued to slide; “Chinese credit concerns are at play here as investors and specs worry that credit pressures could pop the bubble of trades using excess copper supplies in China as collateral. Copper is getting hammered again today and the clear loser on the session is the AUD (again), which reflected the Chinese nexus for most things Australian”.
AUD/USD Levels
The 20 DMA is 0.9001, the 50 DMA is 0.8924 and the 200 DMA is 0.9160. RSI (14) reads 57.66. Supports are ascending from 0.8873, 0.8891, 0.8909 and 0.8933. Spot is 0.8957 while resistances are 0.9010, 0.9055, 0.9064 and 0.9135.
Strategists at TD Securities noted that the AUD/USD risk appetite weakened yesterday as base metals prices continued to slide; “Chinese credit concerns are at play here as investors and specs worry that credit pressures could pop the bubble of trades using excess copper supplies in China as collateral. Copper is getting hammered again today and the clear loser on the session is the AUD (again), which reflected the Chinese nexus for most things Australian”.
AUD/USD Levels
The 20 DMA is 0.9001, the 50 DMA is 0.8924 and the 200 DMA is 0.9160. RSI (14) reads 57.66. Supports are ascending from 0.8873, 0.8891, 0.8909 and 0.8933. Spot is 0.8957 while resistances are 0.9010, 0.9055, 0.9064 and 0.9135.