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1 Jul 2015
AUD/USD bulls taking control through 0.77 handle
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7710 with high of 0.7720 and a low of 0.7688.
AUD/USD has initially popped higher on the Chinese data with a bit of whippy price action where demand meets supply.
AUD/USD price action
AUD/USD was better offered throughout late US and in early Asia having been in recovery mode since the European open from 0.7665 lows up to 0.7723 highs in London's afternoon before strong supply to 0.7680 with a drift higher to 0.7715 and lower highs. Today in Asia, the price is volatile in to Tokyo trade post the recent release of Chinese PMI's.
AUD/USD fundamentally trapped between China and Greek headlines
The Aussie had been supported by the "other" news rather than Greece from over the weekend that saw another cut in China's interest rates and reserve requirements as the PBoC seek to boost the local economy. Today's headlines in Greece sees a possibility of a new proposal being considered by the Eurogroup before this weekend's referendum. However, Dijsselbloem hit the wires and suggested that there can only be a debate on further proposal after a referendum. The other developments overnight were that all four major Greek banks have been downgraded by the S&P to 'Selective Default'.
Meanwhile, as we await Aussie building approvals and the private-survey of the HSBC Markit China PMI's, China manufacturing PMI for the month of June arrived at 50.2 vs the consensus of 50.3 and previous 50.2. The
non-manufacturing PMI read as 53.8 vs a previous was 53.2 - so, all in all, this was overall Aussie bullish.
AUD/USD is technically bearish despite bulls attempting upside
AUD/USD has been in a minor recovery, however, Karen Jones, chief analyst at Commerzbank explained, that the near term the market remains offered below the 0.7747 short term resistance line. "Only a close above the current June high at 0.7848 would cause us to reevaluate our bearish view and allow for a rally towards 0.7947, the 61.8% retracement, and again introduces scope for recovery towards the 200 day ma at 0.8091 (this is not favoured)."
AUD/USD has initially popped higher on the Chinese data with a bit of whippy price action where demand meets supply.
AUD/USD price action
AUD/USD was better offered throughout late US and in early Asia having been in recovery mode since the European open from 0.7665 lows up to 0.7723 highs in London's afternoon before strong supply to 0.7680 with a drift higher to 0.7715 and lower highs. Today in Asia, the price is volatile in to Tokyo trade post the recent release of Chinese PMI's.
AUD/USD fundamentally trapped between China and Greek headlines
The Aussie had been supported by the "other" news rather than Greece from over the weekend that saw another cut in China's interest rates and reserve requirements as the PBoC seek to boost the local economy. Today's headlines in Greece sees a possibility of a new proposal being considered by the Eurogroup before this weekend's referendum. However, Dijsselbloem hit the wires and suggested that there can only be a debate on further proposal after a referendum. The other developments overnight were that all four major Greek banks have been downgraded by the S&P to 'Selective Default'.
Meanwhile, as we await Aussie building approvals and the private-survey of the HSBC Markit China PMI's, China manufacturing PMI for the month of June arrived at 50.2 vs the consensus of 50.3 and previous 50.2. The
non-manufacturing PMI read as 53.8 vs a previous was 53.2 - so, all in all, this was overall Aussie bullish.
AUD/USD is technically bearish despite bulls attempting upside
AUD/USD has been in a minor recovery, however, Karen Jones, chief analyst at Commerzbank explained, that the near term the market remains offered below the 0.7747 short term resistance line. "Only a close above the current June high at 0.7848 would cause us to reevaluate our bearish view and allow for a rally towards 0.7947, the 61.8% retracement, and again introduces scope for recovery towards the 200 day ma at 0.8091 (this is not favoured)."