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Ikon forex "Consumers confidence slumped, AUD/USD tested 0.9950 again"

Discussion in 'Forex Discussions' started by ikonforex, Jan 18, 2011.

  1. ikonforex

    ikonforex New Member

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    After Tokyo decided its interest rate on Wednesday (January 19), the forex price of AUD/USD was maintained and got an adjustment at 0.9980, and before that the Consumers Confidence index in the Domestic market was not very good and this affected the forex price of AUD/USD a bit, it went down to around 0.9960.

    The data indicated that the western Pacific/Melbourne consumer confidence index went down to 104.6, and the month rate went down by 5.7 percent, and the previous value was to have increased by 0.2 percent.

    After the data was released, the forex price of AUD/USD went down to the low point of 0.9963, not far from the support point for 0.9959.

    Some forex analyst pointed out so far the forex price of AUD/USD was still facing obstacle at the fair price level of 1.0000, and in the previous night it surge up to 1.0006 and then fell back. However, in short term the forex price would get some support at above 0.9950, and it was maintained at 0.9950-1.0000 and got an adjustment, looking for some new direction.

    This forex analyst thought if AUD/USD went below 0.9950, then its target would be pointed to 0.9900, and if it got stabilized at above 1.0000, then later in the forex market it would point to 1.0070-1.0100.

    The forex price of AUD/USD was at 0.9980/82 at 08:26 Beijing time.

    Edited by Laura in Ikon Group.
     
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