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    AUD/USD weakens after Chinese data

    © Dukascopy Bank SA
    "They [RBA] don't have to cut rates for you to make money out of thinking they might cut rates. We would bet the next RBA move is still more likely a cut than a rise, and so particularly the front end of Australia looks OK on a relative basis globally." 
    - Philip Moffitt, Goldman Sachs (based on Bloomberg) 


    Pair's Outlook 
    The AUD/USD ended the year consolidating around the 0.7290 level, while the new year began with a the Australian currency suffering a sharp decline. Disappointment in Chinese manufacturing data was the main reason of the Aussie's weakness today, causing the pair to drop as low as the 0.72 major level. For the moment the Antipodean currency was able to move away from the intraday low, as the weekly S2 and the 55-day SMA around that area provided sufficient support. As a result, the Australian Dollar might end the day within the immediate support cluster around 0.7245. 

    Traders' Sentiment 
    Nearly three quarters (74%) of all traders hold long positions today, while the percentage of sell orders now takes up 84% of the market.
    © Dukascopy Bank SA

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