AUD/USD bulls relieved on Yuan fix

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD bulls are relieved on a neutral fix in the Yuan today and the price has scored a bid through the 50 SMA on the hourly chart ahead of 0.7080/90 resistance.

    What today's Yuan fix means for risk?

    Earlier in the session retails sales came in as expected but below prior and next on the agenda will be nonfarm payrolls to potentially rock the apple cart up once again and keep the volatility of the start of 2016 well and truly alive. We also have to keep an eye on the Chinese stock market, the possibility of a rate cut from the PBoC and keeping an ear to the ground in general for Chinese authorities actions.

    AUD/USD levels

    Technically, AUD/USD remains in a very strong bearish trend with 0.6980/00 supporting the downside attempts currently. The upside, as mentioned, is taking on the 50 SMA on the hourly sticks ahead of strong resistance ahead of the of the 0.71 handle. The late September lows remain compelling at 0.6940 before 0.6907 the low. 0.7080 is first key resistance while bulls may struggle at 0.7090. 0.7120 thereafter and 0.7156 are next stops.
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