AUD/USD: 0.7000 was too much too soon

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD's headway is stalling as we get going with China at the table. The Yuan fix was another day of stabilization with some strength back into the CNY, but still, the Aussie cannot gain traction even after this week's continuation of strong jobs data.

    Stocks and oil remain a bearish factor weighing on risk sentiment in the markets and the Aussie is unable to perform outside of those pressures. 0.7000 was attempted, but the bulls lacked any conviction nor commitment at the crucial level of a high of 0.7002 and the downside is now resuming again.

    AUD/USD levels

    Technically, a break of 0.7000 with daily closes into next week would offer scope for a recovery to 0.7040, 0.7120 and a test of the 100 sma on the hourly chart at 0.7138. For the downside, the 2016 lows at 0.6926 were tested with a low of 0.6910 scored ahead of 0.6907 and the September 2015 lows.
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