AUDUSD: Under Recent Pressure On Broad Risk Aversion Flows – Hits Four Month Low
Mary McCarthy, 28/2/13
- The AUDUSD currency pair hit a four month low recently, just under the 1.02 handle.
- Recent data shows that Australian business investment declined last quarter with weakness in manufacturing cited, as mining companies pared spending.
- Key previous support (weekly chart) can be seen around the 1.0147 area, an area coinciding with the 7/10/12 weekly candle low.
- The Aussie dollar has been under downside pressure recently as risk aversion flows dominate FX market sentiment, and the market focuses on the aftermath of the the Italian parliamentary elections.
- Current Australian dollar/US dollar daily range is 58 pips – 98% of the ADR (average daily range) over 60 days.