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10 Jan 2014
AUD/USD: correction fails to overcome 0.89
FXstreet.com (Bali) - AUD/USD saw a tepid correction to the upside along US hours, with the round number 0.89 disallowing further progress, before an ongoing retracement towards 0.8888, session lows just hit at the Tokyo open.
USD light liquidation ahead of NFP
Since the spec community still remains overweight USD, some early liquidation ahead of the Non-Farm Payrolls number in the US was noted, leading to an upward readjustment in the pair, following the stop loss hunt from the last Asian session, which saw the pair trading as low as 0.8865.
For today in Asia, on the back of softer-than-expected China CPI, viewed as an indication of a slowdown in the economy, the country is due to release trade balance numbers, with exports expected up 5%, while imports also seen up by 5.3% in Dec. Silly moves likely to fade on lack of committed flows ahead of NFP. Earlier on, HIA New Home Sales Dec in Australia came at +7.5% vs -3.8% last, although the data was shrugged off by the market.
AUD/USD bearish readings prevail
Technically, the AUD/USD keeps its bearish stance in the 4 hours chart, notes Valeria Bednarik, Chief Analyst at FXstreet.com. "The bearish tone prevails with 20 SMA gaining bearish slope above current price, currently offering dynamic resistance around 0.8910", Valeria said.
USD light liquidation ahead of NFP
Since the spec community still remains overweight USD, some early liquidation ahead of the Non-Farm Payrolls number in the US was noted, leading to an upward readjustment in the pair, following the stop loss hunt from the last Asian session, which saw the pair trading as low as 0.8865.
For today in Asia, on the back of softer-than-expected China CPI, viewed as an indication of a slowdown in the economy, the country is due to release trade balance numbers, with exports expected up 5%, while imports also seen up by 5.3% in Dec. Silly moves likely to fade on lack of committed flows ahead of NFP. Earlier on, HIA New Home Sales Dec in Australia came at +7.5% vs -3.8% last, although the data was shrugged off by the market.
AUD/USD bearish readings prevail
Technically, the AUD/USD keeps its bearish stance in the 4 hours chart, notes Valeria Bednarik, Chief Analyst at FXstreet.com. "The bearish tone prevails with 20 SMA gaining bearish slope above current price, currently offering dynamic resistance around 0.8910", Valeria said.