Currency Analyst since 2010

AUD/USD: daily update

AUD/USD slid today from $0.9317, the highest level since the end of June, to the support line form July minimums in the $0.9250 area.

Aussie was hit as China posted the lowest manufacturing PMI in almost a year, according to HSBC. Key inflation figures in Australia came generally in line with forecasts – the readings are neutral in terms of the outlook for the interest rates and the bets on the RBA rate cut in August decreased a bit.  

There’s a small hammer on the H1 chart showing that the support line may hold for now. Resistance will be found at $0.9270, $0.9300/05 and $0.9325. Above the latter we may see an advance to $0.9400. If the support line is breached, Aussie will become vulnerable for a slide to $0.9190/70. There’s also support at yesterday’s low at $0.9222.  

Chart. H4 AUD/USD

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