5 Mar 2015
AUD/USD declines on lower Chinese growth target
FXStreet (Mumbai) - The Aussie weakened, taking the AUD/USD pair lower to its 10-DMA at 0.7810 after China announced a growth target of around 7% for this year; considerably lower than the 7.5% goal in 2014.
AUD/USD: to fall below 0.78?
The pair could fall below 0.78 levels today as the USD is being bought across the board ahead of Friday’s NFP report. Moreover, the lower growth target adopted by China is likely to hit the Aussie more than any other currency. Furthermore, the bearish pressure also comes from the Reserve Bank of Australia’s dovish forward guidance with regards to the interest rates. China’s plans to run its biggest budget deficit in 2015 has failed to provide any support to the Aussie.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7860 and 0.7900 levels. On the other hand, support is seen at 0.7800 and 0.7850 levels.
AUD/USD: to fall below 0.78?
The pair could fall below 0.78 levels today as the USD is being bought across the board ahead of Friday’s NFP report. Moreover, the lower growth target adopted by China is likely to hit the Aussie more than any other currency. Furthermore, the bearish pressure also comes from the Reserve Bank of Australia’s dovish forward guidance with regards to the interest rates. China’s plans to run its biggest budget deficit in 2015 has failed to provide any support to the Aussie.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7860 and 0.7900 levels. On the other hand, support is seen at 0.7800 and 0.7850 levels.