FX News – Jan 17 2014: Aussie Sinks Under 0.88 VS Greenback

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The aussie continued to plummet during yesterday's trading, but had a little break in today's Asian session. Yesterday, the AUD/USD pair sank to a low of 0.8776, although it has managed to return to the 0.88 zone.

The pair received a small boost from the upward trend of the AUD/NZD. It continues to struggle, however, due to the poor performance of the Shanghai Stock Exchange at the moment. After opening quite strong at 0.8820 today, the AUD/USD pair slipped and is currently trading at 0.8805. Initial support for the pair is at 0.8871, followed by 0.8893. Meanwhile, initial support is at 0.8727, followed by 0.8705.

As for the USD/JPY pair, it has remained fairly flat after dropping at around the 104.30 area late in yesterday's session. And with the Nikkei 225 performing poorly at the moment, there's currently no sign of the pair going on an upward trend.

The pair peaked at 104.90 yesterday, but has since slid down, first at 104.70, and then finally to the 104.30 zone. It is currently trading at 104.29, with initial resistance seen at 104.63, followed by 104.89. Meanwhile, initial support is at 103.83, followed by 103.57.

In the Atlantic, the cable continued to struggle against the greenback for two days straight, as the GBP/USD pair slid to the 1.6330 area early in today's Asian session. In yesterday's trading, the pair sank to a 4-week low as it hit 1.6314. On a positive note, the pair continues to hold the 1.6310 level.

Earlier this week, the pair managed to trade above the 1.6500 are, but it all went downhill from there. There was some respite late pm Tuesday's trading, although the pair was unable to sustain the recovery.

The GBP/USD pair is currently trading at 1.6332, with initial resistance at 1.6369, followed by 1.6410. Meanwhile, initial support is at 1.6299, followed by 1.6259.

By FX Strategy Team, Published on 17th of January 2014
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