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AUD/USD: downside compelling while below pivot

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD awaits impetus after a day where the dollar was sold off across the board in risk-off markets amidst concerns over global growth.

    AUD/USD was one of the least bid on dollar weakness while investors begin to shy away from getting too long the aussie with lower global commodity prices and concerns over China.

    The RBA was the latest catalyst for cation when the Central Bank became more vigilant, despite maintaining a cautionary optimistic outlook. For today, we have home sales and NAB's new business confidence and conditions. Data will be scrutinized by markets for excuses to add to shorts and/or take profits out of the partial reversal of 2016's downtrend.

    AUD/USD levels

    AUD/USD stands the risk off a continuation of the bear trend having not garnered demand overnight through and clear of the 200 sma on the 1hr chart as price starts to erode the 4hr 200 sma at 0.7074 while trading below the picot of 0.7119. S1 is at 0.7017 for immeadiate support while a break above 0.7120 looks for R1 at 0.7173.
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