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31 Jul 2014
AUD/USD dips on downbeat Aus building approvals
FXStreet (Bali) - AUD/USD has taken yet another hit following much worse-than-expected Australian data.
Australia building approvals for June came at -5% vs -2% exp, while private sector credit in June was +0.7% vs 0.4% exp. Import price index for Q2 were -3.0% q/q vs -1.5% exp, while export price index for Q2 came at -7.9% q/q vs -4% exp.
Technically, the AUD/USD looks vulnerable to further losses after the breakout of key support at 0.9320/30. If bears can overcome 0.93 round number, then 0.9285 down to 0.9255 is the next demand area to be aware of, ahead of 0.9235/.92. On the upside, selling on rallies appears the way to go.
Australia building approvals for June came at -5% vs -2% exp, while private sector credit in June was +0.7% vs 0.4% exp. Import price index for Q2 were -3.0% q/q vs -1.5% exp, while export price index for Q2 came at -7.9% q/q vs -4% exp.
Technically, the AUD/USD looks vulnerable to further losses after the breakout of key support at 0.9320/30. If bears can overcome 0.93 round number, then 0.9285 down to 0.9255 is the next demand area to be aware of, ahead of 0.9235/.92. On the upside, selling on rallies appears the way to go.