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COZfx: Aussie fell in the Asian session

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COZfx: Aussie fell in the Asian session

Postby dwang » Tue Jan 21, 2014 2:12 am

COZforex: On Friday, the AUD weakened 0.52% against the USD to close at 0.8774.

Yesterday, the University of Melbourne reported that the TD securities inflation gauge in Australia rose 0.7% in December, following 0.2% rise in the previous month. On an annual basis, the TD securities inflation gauge advanced 2.7% in December, compared to a rise of 2.4% recorded in the previous month.

In commodities, LME Copper prices rise 0.5% or $34.0/MT to $ 7379.5/MT. Aluminium prices rise 0.8% or $14.0/MT to $ 1766.0/MT.

This morning, data released indicated that the Chinese economy grew 7.7% in Q4 2013, more than market expectation of a rise of 7.6% and compared to a rise of 7.8% recorded in the previous quarter. In addition, the industrial production in China rise 9.7% in December on an annual basis, compared to a 10.0% rise in the previous month. Markets were expecting industrial production to rise 9.8% in December.

Separately, the fixed assets investment, excluding rural, in China advanced 19.6% on a year to date basis for the period of January to December, less than market expectation of a rise of 19.8%, following an increase of 19.9% recorded for the period of January to November. Furthermore, the on an annual basis, retail sales rise 13.6% in December, in line with market expectations and compared to a 13.7% rise recorded in the previous month. The business climate index in China dropped to 119.5 in Q4 2013, compared to 121.5 recorded in the previous quarter; and the entrepreneur confidence index in China declined to 117.1 in Q4 2013, compared to 119.5 recorded in the previous quarter.

In technical analysis, COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.8751, and a drop through could take it to the next support line of 0.8718. Meanwhile, the pair is predicted to find its first resistance at 0.8821, and a rise through could take it to the next resistance line of 0.8858.

The release of the Australian consumer price index would determine trading trends for this pair during the week.


(COZ forex UK)
dwang
 
Posts: 328
Joined: Wed Mar 13, 2013 6:24 am

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