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Ikon forex "AUD/USD fell down from below the fair price"

Discussion in 'Forex Discussions' started by ikonforex, Jan 14, 2011.

  1. ikonforex

    ikonforex New Member

    Dec 22, 2010
    Likes Received:
    Early in the forex market USD got a short covering, and the forex price of AUD/USD fell from below the fair price.

    After Tokyo decided its interest rate on Friday (January 14), because the USD index slumped down sharply for the past two trading days and confront a short covering, the forex price of AUD/USD started to go down before it reached the fair price level at 1.0000.

    Some forex analyst pointed out that even though in the previous night the auction result of Spain national debt was quite good and the ECB conference result spurred the risk sentiments in the forex market, but the affection of the flood disaster in Australia started to show in the economic data, and the rebound of AUD/USD might be limited.

    The forex analyst said that the highest point this forex price had reached was at 1.0018, and later it fell back to 0.9950; early in the forex market on Friday this forex price tried to test the points above 1.000 again, but was blocked at around 0.9995 and fell down.

    Because so far the USD index got a rebound and the forex price of AUD/USD had slumped to the level of 0.9960, and if this forex price slumped below the lowest point in the previous night at 0.9950, this forex price would fall back to the trading range of 0.9920-30.

    The forex price of AUD/USD was reported to be at 0.9961/65 at 08:40 Beijing time.

    Edited by Laura in Ikon Group.

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