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11 Dec 2017

AUD/USD - doji candle, defends 0.75 despite weak China inflation figures

  • Friday's doji candle shows indecision/bearish exhaustion.
  • AUD/USD holds 0.75 in Asia despite China PPI hitting a 4 - month low in Nov.

AUD/USD is up 0.11 percent in Asia, adding credence to Friday's doji candle, although only a close today above 0.7534 (Friday's high) would confirm a bullish doji reversal.

China PPI missed estimates

Reuters report says, "producer prices rose 5.8 percent from a year earlier - the lowest since July, the National Bureau of Statistics said on Saturday. The rise was slightly less than market expectations and compared with the previous month’s 6.9 percent increase."

The slowdown in China's (factory gate prices) PPI is bad news for the reflation trade and could weigh over commodity prices. Still, the AUD/USD pair has been able to defend 0.75.

AUD/USD - Is 0.74 the next downside target?

Kathy Lien from BK Asset Management writes, "AUD selling pressure is intense and with AUD/USD ending the week below the 100-week SMA, 74 cents could be the next level challenged if the upcoming labor market report falls short of expectations."

AUD/USD Technical Levels

Jim Langlands from FX Charts writes, "after a brief spike to 0.7533, AudUsd is trading heavy after Friday’s NFP figures, currently just holding above 0.7500 but seemingly set to test strong support at 0.7470/80. Below here, unlikely today I think, would allow a run towards 0.7400."

"Although the short-term momentum indicators are a bit mixed, trading from the short side continues to be the plan ahead of the FOMC Meeting (Wed), when the Fed is expected to hike rates. I therefore suspect that further upside for the Aud will be limited and selling into rallies is still preferred.  The 0.7470/80 area will be strong, so taking some profit on shorts and looking to resell into a rally may be a plan."

 

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PBOC sets the Yuan reference rate at 6.6152

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Source: US President Trump to speak on tax this Wednesday -BBG

Bloomberg quoted a person familiar with the matter, as citing that the US President Donald Trump will deliver closing arguments for the proposed Repub
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