24 Aug 2015
AUD/USD settled after massive losses in Chinese induced mayhem
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7200 with a high of 0.7312 and a low of 0.7031.
AUD/USD catching a breath
AUD/USD is settling around the previous European barrier option support level at 0.72 the figure as the European cash market comes to a close after turmoil not witnessed since 1998 in markets.
AUD/USD downfall, where it all began
The moves commenced in Asia, one of the most turmoil events to take place at the start of an Asian week, and the largest one day fall since Feb 2007 for Chinese equity markets, with bourses all opening heavy and indicators for the European session were all massively in the red also (Shanghai Composite down 8.5% at close of morning session!! And US equity futures were all down with S&P 3%, NASDAQ down3.5% and Dow down 3%. The Hang Seng was down more than 4% and the Nikkei was down around 4.6% also by the close of Asia at 18,540.68) on fears surrounding the Chinese economy and negative implications for Global growth.
Stock market mayhem took AUD/USD off its shelf
Stocks then plummeted on Monday in European and US markets in a renewed rout in global markets and the FX space went absolutely crazy. S&P 500 briefly lost 100 points in the Wall Street open, while the Dow Jones industrial average traded about 300 to 500 points lower after falling as much as 1,089 points in the open.
AUD/USD barrier support was taken out at 0.72 and the major dropped without slowing up until 0.7031 where the price jumped back towards the mid point of the 0.71 handle. The price has drifted back into line of normal levels where the pair now oscillates as markets catch a breath around the European close.
AUD/USD 0.7000 exposed
Technically, for those willing to trade in this environment, wide ranges in the pair have been seen from the aforementioned new 6-year lows to 0.7312 the high. The key impact here is that despite the market being abnormally volatile, which may become the new norm until uncertainty diminishes or a new outlook is defined as the new theme, the 14 year uptrend and base of the two-year channel at .7180/60 was wiped clean away and exposes 0.7016 March 2006 low. Should this give way and 0.7000 is penetrated with closes, then the 2004 June low of 0.6772 is exposed.
AUD/USD catching a breath
AUD/USD is settling around the previous European barrier option support level at 0.72 the figure as the European cash market comes to a close after turmoil not witnessed since 1998 in markets.
AUD/USD downfall, where it all began
The moves commenced in Asia, one of the most turmoil events to take place at the start of an Asian week, and the largest one day fall since Feb 2007 for Chinese equity markets, with bourses all opening heavy and indicators for the European session were all massively in the red also (Shanghai Composite down 8.5% at close of morning session!! And US equity futures were all down with S&P 3%, NASDAQ down3.5% and Dow down 3%. The Hang Seng was down more than 4% and the Nikkei was down around 4.6% also by the close of Asia at 18,540.68) on fears surrounding the Chinese economy and negative implications for Global growth.
Stock market mayhem took AUD/USD off its shelf
Stocks then plummeted on Monday in European and US markets in a renewed rout in global markets and the FX space went absolutely crazy. S&P 500 briefly lost 100 points in the Wall Street open, while the Dow Jones industrial average traded about 300 to 500 points lower after falling as much as 1,089 points in the open.
AUD/USD barrier support was taken out at 0.72 and the major dropped without slowing up until 0.7031 where the price jumped back towards the mid point of the 0.71 handle. The price has drifted back into line of normal levels where the pair now oscillates as markets catch a breath around the European close.
AUD/USD 0.7000 exposed
Technically, for those willing to trade in this environment, wide ranges in the pair have been seen from the aforementioned new 6-year lows to 0.7312 the high. The key impact here is that despite the market being abnormally volatile, which may become the new norm until uncertainty diminishes or a new outlook is defined as the new theme, the 14 year uptrend and base of the two-year channel at .7180/60 was wiped clean away and exposes 0.7016 March 2006 low. Should this give way and 0.7000 is penetrated with closes, then the 2004 June low of 0.6772 is exposed.