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3 Dec 2014
AUD/USD hits new low at 0.84 after Aus GDP miss
FXStreet (Bali) - After threatening to make new multi-year lows on Tuesday, the AUD/USD is currently resuming its bear trend following worse-than-expected growth numbers out of Australia, with the QE QoQ coming at 0.3+vs 0.7% exp.
With the data coming soft, Jim Langlands, Founder at FXCharts, wrote prior to the economic release: "Expect a quick test of 0.8400, a break of which would potentially see a steeper acceleration towards the June 2010 low at 0.8315 and then to the May 2010 lows at 0.8066."
"As I said before, I think we are eventually heading a fair bit lower than that and still look for 0.6000, albeit a couple of years down the track. A monthly close back above the neckline, now at 0.8800 would invalidate that view, although this is beginning to look increasingly distant", Jim added.
With the data coming soft, Jim Langlands, Founder at FXCharts, wrote prior to the economic release: "Expect a quick test of 0.8400, a break of which would potentially see a steeper acceleration towards the June 2010 low at 0.8315 and then to the May 2010 lows at 0.8066."
"As I said before, I think we are eventually heading a fair bit lower than that and still look for 0.6000, albeit a couple of years down the track. A monthly close back above the neckline, now at 0.8800 would invalidate that view, although this is beginning to look increasingly distant", Jim added.