Australian Dollar finds floor after China property default sparks sell-off AUDUSD Australia Technical Analysis Fundamental Analysis
Australian Dollar finds a floor after selling-off on fears of a credit crunch in the Chinese property sector.
data for July. This increases the probability that the Federal Reserve may hike interest rates again, strengthening the US Dollar. The Australian Dollar reverses the substantial gains made on Thursday as a result of positive market sentiment and a weaker US Dollar, caused by the release of lower-than-expected US inflation data for July.
Core PPI shows a 2.4% rise versus the 2.3% YoY forecast, and 0.3% against the 0.2% estimated on a MoM basis. AUD/USD is in a sideways trend on both the long and medium-term charts. The February high at 0.7158 is a key hurdle, which if vaulted, will give the longer-term charts a more bullish tone. For bulls, a decisive break back above the skein of MAs in the upper 0.66s and then through 0.6750 would be a prerequisite for a more optimistic outlook.
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