FXstreet.com (Barcelona) - The pair has climbed jumped during European trading this afternoon, helped in part by solid HSBC PMI figures in the Chinese economy during July. This movement provides a welcome departure for investors after yesterday’s upheaval that left risky assets, such as the aussie reeling.
K. Kirkegaard, senior analyst at Danske Bank, states that "while maintaining our bullish long-term AUD prefer to wait a likely sell-off before evaluating new purchases, as it is too early to consider a rebound in the economy China."
The pair has advanced +0.38% today, trading in the region of 1.0300 at the time of writing. Mark De La Paz, an analyst at FX Instructor, calculates the next resistances at, 1.0333 and 1.0409. Should the rally abate and the pair subsequently decline, the support levels have been identified at 1.0211, 1.0165, and ultimately 1.0089.
K. Kirkegaard, senior analyst at Danske Bank, states that "while maintaining our bullish long-term AUD prefer to wait a likely sell-off before evaluating new purchases, as it is too early to consider a rebound in the economy China."
The pair has advanced +0.38% today, trading in the region of 1.0300 at the time of writing. Mark De La Paz, an analyst at FX Instructor, calculates the next resistances at, 1.0333 and 1.0409. Should the rally abate and the pair subsequently decline, the support levels have been identified at 1.0211, 1.0165, and ultimately 1.0089.
