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AUD/USD dips below 0.7200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD is retreating for third day in a row after being rejected from a 1-month peak earlier this week, weighed by a sharp sell-off in Chinese stocks on Friday.

    AUD/USD has lost nearly a full cent over the last sessions, dipping below the 100-day SMA to hit a low of 0.7194 before finding support. The pair has spent last hours in a slim range near lows, and it was last down 0.36% at 0.7198.

    Next week, the Reserve Bank of Australia will decide on monetary policy, with expectations pointing to no change at the interest rate to remain at 2.0%.

    AUD/USD technical levels

    In terms of technical levels, AUD/USD could find next supports at 0.7185/84 (10-day SMA/Nov 24 low), 0.7158 (Nov 23 low) and 0.7102/00 (Nov 19 low/psychological level). On the other hand, resistances are seen at 0.7262 (Nov 22 high), 0.7282 (Nov 25 high), 0.7295 (Oct 23 high) and 0.7337 (Oct 16 high).
    For more information, read our latest forex news.
     

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