AUD/USD bears very much in control, attacking 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7099 with a high of 0.7120 and a low of 0.7094.

    AUD/USD is chipping away at the 0.71 handle to the downside while we await Tokyo to come online after a strong performance by the greenback overnight on the back of the FOMC statement. It appears that the FOMC is leaving the door open for a rate hike this December while they are less concerned about the negative impacts that a slower Global economy is having on the US economy while removing the previous cautionary statement of such risks hindering timings of a rate hike.

    Full text October FOMC statement

    AUD/USD levels

    Technically, below 0.7100 has the 0.7050/80 support and 0.7000/00 that guards the September lows at 0.6940 ahead of 0.6900. The bearish trend is firmly in place below the 0.7385 Fibo retracement. Upside targets 0.7162 and 0.7211 the pivot.
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