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30 Sep 2013
AUD/USD slipping once again on “risk off” trade; 0.9282 is last hope for bulls
FXstreet.com (Barcelona) - The AUD/USD cross is tumbling as apparently the desire to sell the Aussie as a risk asset is slightly more intense than the desire to avoid the greenback on US Government concerns.
Scary in Italy + sickening in the US = a run from risk globally
The potential collapse of the Italian government and the ongoing dysfunction of the US government have investors and traders understandably on edge as the new week begins. The AUD/USD is being treated as a risk asset and is thus being sold late Sunday / early Monday.
Early Monday, AUD/USD traders will get Aussie securities inflation and private sector credit data to digest. Later Monday, they will be monitoring the release of the Chicago PMI and the Dallas Fed Manufacturing Index out of the US.
Technical outlook for AUD/USD
The AUD/USD has a little room to fall as “correction support” is rapidly approaching at 0.9282. AUD/USD bulls will need to hold firm at that level if they are to have a chance at victory short-term. The next target on the downside if 0.9282 fails is 0.9253. Resistance comes into play at 0.9456.
Scary in Italy + sickening in the US = a run from risk globally
The potential collapse of the Italian government and the ongoing dysfunction of the US government have investors and traders understandably on edge as the new week begins. The AUD/USD is being treated as a risk asset and is thus being sold late Sunday / early Monday.
Early Monday, AUD/USD traders will get Aussie securities inflation and private sector credit data to digest. Later Monday, they will be monitoring the release of the Chicago PMI and the Dallas Fed Manufacturing Index out of the US.
Technical outlook for AUD/USD
The AUD/USD has a little room to fall as “correction support” is rapidly approaching at 0.9282. AUD/USD bulls will need to hold firm at that level if they are to have a chance at victory short-term. The next target on the downside if 0.9282 fails is 0.9253. Resistance comes into play at 0.9456.