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Forex Flash: AUD/USD to swing on external drivers near term – Scotiabank

By FXstreet.com,  March 23, 2012, 10:41:00 AM EDT

FXstreet.com (Barcelona) - The aussie is hovering over the 1.0400 key level on Friday, trading in the negative ground the whole week, as negative prospects in the Chinese economy have weighted on the AUD as of late. The weekly downward movement is framed within the bigger downside sparked at the beginning of March, when the cross was trading in the 1.0800 region.

E.Theoret, Currency Strategist at Scotiabank, suggests that yesterday's close below the key 1.0402 (MA200d) would be indicative of further bearishness. He also signals a significant support zone delimited by 1.0300 and 1.0320 and the resistance area between 1.0600 y 1.0620

"Movement in AUD will continue to be driven by external factors ahead of the next RBA meeting on April 3", he finished.




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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