The AUD/USD continued yesterday's slide up to the start of today's Asian session. After peaking above the 0.9310 mark, the pair fell and is currently trading at 0.9150. The fall is largely due to the disappointing Chinese CPI data that was released yesterday. And since the Australian economy is closely tied with the Asian economic giant, the Chinese economy tends to drag the aussie in whichever way it goes.
Initial resistance for the AUD/USD is at 0.9241, followed by 0.9264. Meanwhile, initial support is at 0.9052, followed by 0.9029.
On the flipside, the GBP/AUD pair has made considerable gains over the past 24 hours due to the aussie's weakness. The pair opened today's Asian session at 1.6740, before peaking at 1.6771. In contrast, the pair fell to a low of 1.6500 yesterday before making its recovery.
The GBP/AUD is currently trading at 1.6740, with initial resistance at 1.6882, followed by 1.6924. Meanwhile, initial support is at 1.6605, followed by 1.6563.
The NZD/USD recovered earlier today after the Reserve Bank of New Zealand (RBNZ) said that it would maintain the Official Cash Rate (OCR) at 2.5%, while hinting that it could raise rates again by 2014.
According to RBNZ Governor Graeme Wheeler, "although removal of monetary stimulus will likely be needed in the future, we expect to keep the OCR unchanged through the end of the year."
Mr Wheeler also added that the value of the NZD "remains high". He said that the kiwi, "continues to be a headwind for the tradables sector, restricting export earnings and encouraging demand for imports."
The NZD/USD pair is currently trading at 0.7973, with initial resistance seen at 0.7975, followed by 0.7995. Meanwhile, initial support is at 0.7866, followed by 0.7847.
Events to watch out for today are the UK's GDP data (8:30AM GMT), as well as the US' Durable Goods Orders for June (12:30PM GMT).
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