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AUD/USD breaks below 0.7200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD broke below the 0.72 mark and the 50-day SMA, sliding to fresh 2-week lows at the beginning of the American session as the aussie continues to outperform to start the new year.

    AUD/USD has lost 100 pips throughout the day, weighed by weak Chinese data which fueled slowdown fears, and recently scored a low of 0.7181, last seen Dec 22. At time of writing, AUD/USD is trading at 0.7185, 1.32% below its opening price.

    The Australian dollar ended 2015 9.5% lower, posting the third yearly loss in a row, and started 2016 on a weak note.

    AUD/USD levels to watch

    In terms of technical levels, short-term supports could be found at 0.7175 (100-day SMA), 0.7154 (Dec 21 low) and 0.7111 (Dec 18 low). On the other hand, resistances are seen at 0.7300 (psychological level/Jan 4 high), 0.7327 (Dec 31 high) and 0.7385 (Dec 4 high).
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