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AUD/USD: 0.7240 is key in bearish run - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD pair shed ground on Friday, ending the week in the red at 0.7267, and having been under pressure ever since the day started.

    Key Quotes:

    "Weaker gold prices and rising stocks weighed on the commodity-related currency, but the Aussie suffered the most with the release of the RBA Financial Stability Report, which fueled speculation the Central Bank may cut rates further before the year end. At the beginning of this Monday, China will release its GDP figures, and the expectations are for a decline to 6.8% YoY in the third quarter, from a previous 7.% Should the decline surpass expectations, the Australian dollar will likely extend its decline towards the 0.7200 level, the next critical support."

    "Technically, the daily chart shows that the technical indicators are retreating from overbought levels, but at the same time, the price is well above a bullish 20 SMA, currently around 0.7150. In the 4 hours chart, the price has broken below a now bearish 20 SMA, whilst the technical indicators head lower around their mid-lines, in line with additional declines, particularly on a break below 0.7240, the immediate support."
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