AUD falls heavily on China and S&P headlines

Firstly the Chinese PMI came in below expectations and then S&P were reported as saying that they will downgrade the Australian rating if the budget situation does not improve.

AUD/USD fell heavily through .73 cents driven by stop-loss selling. Bottom pickers (such as myself :( ) were forced to re-assess our commitment.

Support levels are reportedly firm between .7250/70 but any rallies now towards .7320 will run into sellers for sure.

The post AUD falls heavily on China and S&P headlines appeared first on www.forextell.com.

Leave a Reply