AUD/USD Analysis

Today’s Q4 capex data provided some mild distraction for the aussie after several days of tracking Chinese yuan market moves. US dollar gains overnight pushed the aussie down to a $0.8957 low during European trade and to $0.8944 in US hours and it then continued with a weak tone in the early hours of today’s session opening at $0.8966. The aussie was holding relatively stable in a $0.8954 to $0.8973 range just ahead of the Q4 capex data but promptly fell through rumored $0.8925/20 demand after the data came in below forecasts. Aussie-dollar continued on to a $0.8916 low before stalling just ahead of bids at $0.8910 down to $0.8900. A relatively stable yuan market this morning also spared the aussie any major moves and the pair gradually recovered some of theearlier losses as the morning continued. Aussie-dollar was last at $0.8938, with support at $0.8910/00 region holding for now, and with $0.8870 coming in below that. Immediate resistance seen ahead at $0.9020, a break there to see the pair take on offers at $0.9040/50 region but key resistance remains at $0.9085