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AUD/USD drops below 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - AUD/USD extended losses into a third consecutive day on Thursday and printed fresh 2-week lows at the beginning of the American session as the greenback managed to advance following in line with expectations US data.

    AUD/USD dipped below the 0.71 mark and hit a low of 0.7068, last seen Oct 6, before finding support. At time of writing, the pair is trading at 0.7090, recording a 0.34% loss on the day.

    The Australian dollar weakened on Wednesday following disappointing domestic inflation numbers, while the greenback strengthened on the back of Fed’s statement. In the aftermath, AUD/USD lost more than 100 pips over the last sessions.

    AUD/USD levels to watch

    In terms of technical levels, next supports are seen at 0.7065 (Oct 6 low), 0.7042 (Oct 5 low) and then the 0.7000 area (psychological level/Oct 1 & 2 lows) . On the other hand, resistances could be faced at 0.7134 (50-day SMA), 0.7206/08 (Oct 28 high/21-day SMA) and 0.7295 (Oct 23 high).
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