1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

The Chinese equities rebound triggered demand for Aussie

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 8, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
    Likes Received:
    The Aussie which is sensitive to the Chinese development, could recover for trading near 0.7050, after falling extension to 0.6978 to express about rising back confidence in China.

    The Aussie has been exposed to increasing downside pressure, after the release of Dec Chinese NBS Manufacturing PMI in the beginning of this week, as the Australian economy depends mainly on exporting the raw materials especially to China.

    While the economic slowdown in China can keep the door opened for further stimulating measurements to be taken by RBA which is holding the interest rate unchanged at 2% since last May. 5.

    AUDUSD contained its rebound from 0.7095, after forming a new lower high at 0.7325 below 0.7383 resisting level.

    AUDUSD daily Parabolic SAR (step 0.02, maximum 0.2) is now its fifth consecutive day of being above the trading rate reading today 0.7276.

    Despite the rebound from 0.6978, AUDUSD daily Stochastic Oscillator (5, 3, 3) which is sensitive to the volatility is still having its main line in the oversold area below 20 reading 13.312 and also its signal line which is reading 12.272.

    Important levels: MA50 @ 0.7189, MA100 @ 0.7160 and MA200 @ 0.7397


    S1: 0.6978
    S2: 0.6933
    S3: 0.6900
    R1: 0.7084
    R2: 0.7120
    R3: 0.7325

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

    To open your account at Trade-24 - Click here

    Attached Files:


Share This Page