16 Apr 2014
AUD/USD trades heavy in early Asia
FXStreet (Bali) - A heavy AUD/USD continues to weaken in early Asia, currently at 0.9347 after posting a session low of 0.9340, ahead of key Chinese economic indicators due at 02.00 GMT.
As Valeria Bednarik, Chief Analyst at FXStreet, notes: "Australian dollar was hit hard by falling gold prices, posting its largest daily fall against the greenback in over 3 weeks, reaching 0.9335 before bouncing back some."
Technically, Bednarik adds: "The hourly chart however, maintains the negative tone with indicators turning south below their midlines and 20 SMA gaining bearish slope above current price. In the 4 hours chart technical readings also present a strong bearish momentum, with a break below 0.9330 now confirming a downside extension for the upcoming sessions."
As Valeria Bednarik, Chief Analyst at FXStreet, notes: "Australian dollar was hit hard by falling gold prices, posting its largest daily fall against the greenback in over 3 weeks, reaching 0.9335 before bouncing back some."
Technically, Bednarik adds: "The hourly chart however, maintains the negative tone with indicators turning south below their midlines and 20 SMA gaining bearish slope above current price. In the 4 hours chart technical readings also present a strong bearish momentum, with a break below 0.9330 now confirming a downside extension for the upcoming sessions."