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Forex: AUD/USD plummets following Chinese data

By FXstreet.com,  May 11, 2012, 03:06:00 AM EDT

FXstreet.com (Barcelona) - Yesterday's recovery remains just a good memory as the cross is resuming its downside sparked after the tops of Feb/Mar above the 1.0800 mark.

The Aussie dollar is trading in the lower end of today's range so far, threatening to breach the parity level following softer than expected Chinese data in April: producer price index (-0.7% YoY), industrial production (+9.3%) retail sales (14.1%) and urban investment (20.2%) all came in below expectations.

The cross is now retreating 0.37% at 1.0027, with the immediate support at 1.0000 (channel bottom) then 0.9883 (low Dec.19) and 0.9862 (Low Dec.15).
On the upside, a breakout of 1.0170 (low May 4) would bring 1.0220 (high May 7) and 1.0284 (low May 2).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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