AUD/USD: downside playing out, en route to 0.7012?

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7192 with a high of 0.7239 and a low of 0.7185.

    AUD/USD is changing its trajectory course as we head over to December while the bulls took what they could out of the last minor recovery in early November as markets get set for a potentially highly volatile month ahead. The biggest events might come with the Nonfarm Payrolls and Fed speak into the FOMC meeting. Additional US data events will also be critical while we will also hear the results of the RBA board meeting on the 30th Nov.

    AUD/USD levels

    Technically, with price below the 4hr 9 SMA and 20 SMA the outlook in the near term is bearish while a break of the 200 4hr SMA to the downside could trigger a sell-off to the 200 SMA on the same time frames at 0.7176 below the 100 DMA at 0.7199. An ultimate bearish objective would be 0.7012 and the Nov lows. 0.7280/90 caps the immediate upside ahead of 200 DMA at 0.7473 in broader downtrend.
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