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AUD/USD downside playing out before key support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7144 with a high of 0.7224 and a low of 0.7136.

    AUD/USD continues to feel the pressure and is slipping towards a key area of support of the rising trend off the 0.71 handle for this week. The Aussie has been performing better until markets took the hint of dovishness in the statement seriously as we approach the FOMC Dec decision and the divergences between the two Central Banks begin to weigh in once again, particularly today with the positive data ahead of Nonfarm Payrolls this week and Yellen's hawkish rhetoric.

    AUD/USD levels

    Technically, 0.7066 is key target on a break below the 0.71 handle as we edge lower and lower albeit with a lack of momentum here as support comes in. A break below the 0.7080 would be significant and opens the medium term target for the September lows at 0.6940 with 0.6774 2004 low on the wide.
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