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AUD/USD downside playing out on USD strength

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - The yield in the antipodeans that markets were parking their cash in over the holiday season is dropping out with a number of catalysts, including the recent Chinese data.

    AUD/USD is dropping in line with a pick up in the greenback and softness in the commodity sector, specifically metals. Copper has taken a dive through 2.1200 to print 2.1130 on the day having started out at 2.14. EUR/USD is hitting fresh lows at 1.0826 from 1.0879 the high and Yen is printing fresh highs of 120.47 from 120.20 lows. We now await more from China momentarily and then US data in FOMC minutes and Nonfarm Payrolls at the end of the week.

    AUD/USD levels

    Technically, we are breaking with the 20 DMA at 0.7236. On the upside, the 200 DMA at 0.7412 pressures from above on the wide then the 3-month uptrend at 0.7086 should be respected as well as the 0.7017 November low and the September low is at 0.6940 for the downside levels.
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