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22 May 2014
AUD/USD loses 0.9240 intraday support in early Asia
FXStreet (Bali) - AUD/USD is trading heavy in early Asia, following a vigorous rebounds off 0.9210 support, which resulted in the printing of a bullish hammer on the daily.
The next key risk event in Asia is the preliminary China HSBC PMI, due at 1.45 GMT, with expectations for a 48.4 reading, slightly higher than the 48.1 previous, although still within contraction territory. As per the domestic data, Australian will publish the consumer inflation expectations.
Technically, according to Jim Langlands, FX Strategist at FXCharts: "The dailies still look as though the Aud could come under further pressure in the sessions ahead. However, the hourlies look positive and the 4 hour charts also appear to be picking up some positive momentum and suggest that we could be in for a run towards 0.9260, above which would possibly see a bit more of a short squeeze towards 0.9285 (38.2% of 0.9408/0.9208)."
The next key risk event in Asia is the preliminary China HSBC PMI, due at 1.45 GMT, with expectations for a 48.4 reading, slightly higher than the 48.1 previous, although still within contraction territory. As per the domestic data, Australian will publish the consumer inflation expectations.
Technically, according to Jim Langlands, FX Strategist at FXCharts: "The dailies still look as though the Aud could come under further pressure in the sessions ahead. However, the hourlies look positive and the 4 hour charts also appear to be picking up some positive momentum and suggest that we could be in for a run towards 0.9260, above which would possibly see a bit more of a short squeeze towards 0.9285 (38.2% of 0.9408/0.9208)."