AUD/USD: Speed of the declines picking up

By FXstreet.com | July 31, 2014 AAA

FXStreet (Bali) - AUD/USD keeps trading on the back-foot, accumulating a third consecutive losing day, reaching a new 2-month low at 0.9278 before a mild bounce towards 0.93 ahead of the US NFP.



Peter Fell, Analyst at FXBeat, notes: "The risk event for the Asia time zone comes from China, official manufacturing PMI is due at 01:00 GMT, the market is looking for a slight increase to 51.4 from 51.0, HSBC flashing PMI came out much higher than expectations last week, 52.0 from 51.00, it will be interesting to see if the official numbers spring a similar surprise."



One of the banking institutions who has recently shifted its stance to bearish on the AUD is Morgan Stanley, noting that "we now return to a bearish strategy, looking to sell into rebounds in the 0.9350 area", adding that "we now look for a decline towards 0.9200/0.9185 initially, with the medium-term target now at 0.9000..."



comments powered by Disqus
Related Forex Analysis
  1. NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal
    Forex News

    NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal

  2. GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals
    Forex News

    GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

  3. EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation
    Forex News

    EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation

  4. USD/JPY recovered from Asian lows at 108.55, but still under pressure
    Forex News

    USD/JPY recovered from Asian lows at 108.55, but still under pressure

  5. EUR/USD Sitting Still
    Investing

    EUR/USD Sitting Still

Trading Center