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COZfx: AUD/USD hits fresh 11-month lows

Discussion in 'Analisa Fundamental' started by harryer, May 16, 2013.

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  1. harryer

    harryer Member

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    COZforex: The Australian dollar declined to fresh 11-month lows against its US counterpart on Wednesday, after the release of weak Australian data and as market sentiment weakened amid renewed concerns over the outlook for growth in the euro zone.

    AUD/USD hit 0.9884 amid late Asian trade, the session low; the pair subsequently consolidated at 0.9873, falling 0.17%. COZ senior foreign exchange risk investment trader Desmond Doyle said, AUD/USD is predicted to find support at 0.9845, and a drop through could take it to the next support line of 0.9795. Meanwhile, the pair is predicted to find its first resistance at 0.9976, and a rose through could take it to the next resistance line of 1.0057.

    Official data showed that new motor vehicle sales in Australia declined 1.6% in April, after a 0.5% drop the previous month. A separate report showed that Australia's wage price index rise 0.7% in the first quarter, less than the expected 0.8% increase, after a 0.8% gain in the previous quarter.

    Meanwhile, markers were jittery after preliminary data earlier showed that Germany's gross domestic product rise less-than-expected in the first quarter, adding 0.1% after a 0.7% drop in the previous quarter. Analysts had expected the GDP to rise 0.3% in the first quarter.

    Meanwhile, the greenback remained supported by speculation over a possible near-term exit from the Federal Reserve’s asset purchase program after recent US data indicated that the economic outlook is improving.

    Later in the day, the US was to release data on producer price inflation, industrial production, the capacity utilization rate and a report on manufacturing activity in New York State.



    (COZ forex UK)
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