29 Nov 2013
AUD/USD retesting 0.9065 bids, failed GrainCorp takeover weighs
FXstreet.com (Barcelona) - The AUD/USD has made a new attempt to break into fresh bear trend lows in early Asia, with prices retesting 0.9065 amid thin liquidy ahead of the Tokyo open.
ADM’s takeover of GrainCorp blocked, AUD negative
While technical continue to show a very bleak picture, the latest slide in the Australian Dollar was partly attributed to the refusal by Joe Hockey, Australia’s treasurer, on ADM’s takeover of GrainCorp, saying that "the acquisition of Australian GrainCorp by ADM is contrary to the national interest..." The US-owned ADM (Archer Daniels Midland) takeover bid was worth around $A3.4 billion.
AUD/USD technicals
Technically, according to Valeria Bednarik, Chief Analyst at FXstreet.com: "Australian dollar still maintains the overall bearish tone, as the hourly chart shows price below its 20 SMA and indicators flat in negative territory. In the 4 hours chart 20 SMA caps the upside around 0.9120, while indicators grind slightly higher in negative territory. Overall, spikes are still seen as selling opportunities, with 0.9210 area as main resistance to be tested in case of a stronger upward move."
ADM’s takeover of GrainCorp blocked, AUD negative
While technical continue to show a very bleak picture, the latest slide in the Australian Dollar was partly attributed to the refusal by Joe Hockey, Australia’s treasurer, on ADM’s takeover of GrainCorp, saying that "the acquisition of Australian GrainCorp by ADM is contrary to the national interest..." The US-owned ADM (Archer Daniels Midland) takeover bid was worth around $A3.4 billion.
AUD/USD technicals
Technically, according to Valeria Bednarik, Chief Analyst at FXstreet.com: "Australian dollar still maintains the overall bearish tone, as the hourly chart shows price below its 20 SMA and indicators flat in negative territory. In the 4 hours chart 20 SMA caps the upside around 0.9120, while indicators grind slightly higher in negative territory. Overall, spikes are still seen as selling opportunities, with 0.9210 area as main resistance to be tested in case of a stronger upward move."