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11 Nov 2014
AUD/USD: Soft data Q3 data will fuel the bears - FX Charts
FXStreet (Barcelona) - Jim Langlands of FX Charts views soft house price index and NAB business confidence data adding further pressure to the downside.
Key Quotes
“The Q3 house price index and the NAB business confidence/conditions data are due (and maybe Chinese New Loans) and if soft will add further pressure to the downside.”
“Below 0.8600 would see a run towards 0.8570 and then possibly to last week’s low at 0.8540. As we said yesterday, this will provide very strong support, being both 50% of the move from 0.6006/1.1082 and also the base of the monthly cloud. A break of this level though, and a November close below it, would have very bearish implications, for a test of the major channel base at around 0.8474 and then the May 2010 lows at 0.8066”
Key Quotes
“The Q3 house price index and the NAB business confidence/conditions data are due (and maybe Chinese New Loans) and if soft will add further pressure to the downside.”
“Below 0.8600 would see a run towards 0.8570 and then possibly to last week’s low at 0.8540. As we said yesterday, this will provide very strong support, being both 50% of the move from 0.6006/1.1082 and also the base of the monthly cloud. A break of this level though, and a November close below it, would have very bearish implications, for a test of the major channel base at around 0.8474 and then the May 2010 lows at 0.8066”