Decline of the currency pair AUDUSD after pessimistic Australian data

AUDUSD
Currency pair AUDUSD

Today, the Aussie decreased according to the U.S. currency after some gloomy economic data and a common concern about the global economic slowdown.

The currency pair reached the level of 1.0309 this morning, regarding as its daily bottom. Later AUDUSD became stable at 1.0294.

The currency pair was supposed to find support at 1.0277, the lowest level of September 7, and resistance at 1.0354, the peak of August 31.

After an earlier announcement of the The Conference Board, it appeared that the Australian leading index fell with 0.8% in August, after a flat reading in the past month.

This approach became stronger on Monday, after the results of the Spanish regional election denoted support for the austerity policies of Prime Minister Mariano Rajoy.

On Sunday, the center-right Popular Party of Prime Minister Rajoy added members to its majority, eliminating a probable hindrance to formally requesting a bailout from Spain’s euro zone partners.

A new plan request by Spain would force the European Central Bank’s bond to purchase scheme, driving at lowering high peripheral bond yields in the Eurozone.

Apart from this, the Australian dollar was steady against the euro, reaching the level of 1.2653.

Today, the trading volumes were supposed to remain light on Tuesday, as no major economic indicators are going to be given from the euro zone or the U.S.

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