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AUD/USD: consolidates in key support area sub 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
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    FXStreet (Guatemala) - AUD/USD is consolidated on a slow entry into early Asia, while business overnight was very subdued considering the key US data that was released.

    The markets have seemed to have made up their mind that the Fed is unlikely to make any drastic maneuvers away from the current status quo especially on data that are just near misses, despite being at the less positive end of the scale. That said, Nonfarm Payrolls are a critical component, as well as inflationary readings mind you. Today, core PCE came in at 1.3% vs 1.4% expected and GDP Q3 missed expectations at 1.5% coming in at 1.2% and left the greenback slightly offered.

    AUD/USD levels

    Technically, 0.7050/80 area of support is playing its role ahead of 0.7000/00 that guards the September lows at 0.6940 ahead of 0.6900. The 0.7385 Fibo retracement level keeps the downward pressures on in the broader trend. Upside levels target 0.7162 and 0.7211 the pivot.
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