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Forex: China data should bring volatility to AUD/USD – V.Bednarik

By FXstreet.com,  January 10, 2013, 07:55:00 PM EDT

FXstreet.com (San Francisco) - After advancing 0.8% Thursday, AUD/USD looks to be consolidating overnight gains ahead of key inflation data from China today, last at 1.0585 as it trades a 1.0575-1.0596 range intraday.

From Valeria Bednarik, Chief Analyst at FXstreet.com: "Later today Chinese PPI and CPI will bring some action again to the pair, and encouraging readings may then see the pair finally surging above mentioned barrier, and extend towards next resistance around 1.0660. Profit taking is also possible, yet only below 1.0550 the pair can turn intraday bearish."

Should price indeed fall below 1.0550, the 1.0520 is the next bearish target, according to the analyst. Further bullish extensions above 1.0600 may then target 1.0700 once the mentioned 1.0660 level is cleared. The Australian dollar is sensitive to economic developments in China given the two nation's close trade ties.




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

Referenced Stocks:



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