AUD/USD: a buy above 0.70 or 2016 a bad year for Australia?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD was doing slightly better with commodities recovering a little with slightly better risk tone in London that passed on to the US shift with S&P futures up nearly 1%. At the same time, net AUD shorts have dropped for the fourth consecutive week on perceptions that the RBA may be reluctant to cut rates further.

    We are into holiday season so although there has been a little bit of activity this should fade into dull trading as we approach the close of the week with desks out celebrating and positioning wrapped up for the year. Coming back to desks will be the anticipation of the Fed and RBA's next port of call in trying to anticipate the global economy and preempt the best course of action.

    Last Friday, FXStreet hosted a special event about what 2016 might hold for the Forex traders. The panelists were Ashraf Laidi, Boris Schlossberg, Adam Button and Valeria Bednarik. Today, we want to share with you the recording of the whole show. Watch now and look out for AUD/USD as a buy above 0.7000 while, on the other hand, can the Aussie jobs data be trusted and has Australia simply not seen or felt the worst of the headwinds from China?

    AUD/USD levels

    Technically, Karen Jones, chief analyst at Commerzbank explained that the AUD/USD came under increasing downside pressure yesterday and the focus is now on the 3 month uptrend at 0.7086. "Intraday rallies are expected to remain capped by 0.7285 for losses into the low 0.7000 region. Below the market lies the 0.7017 November low and the September low at 0.6940. Nearby support is the recent low at 0.7184."
    For more information, read our latest forex news.

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