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AUD/USD drops further to 0.7150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The weakness around the Aussie dollar remains intact on Tuesday, with AUD/USD now testing session lows in the 0.7160 area.

    AUD/USD in 2-week lows

    The pair has started the year on a negative note and it is prolonging its decline today, dropping to the area of 0.7160/55 following a renewed buying interest surrounding the US dollar.

    The USD dynamics will be the main catalyst for the pair in the near term, although Chinese data and Australia’s trade balance figures and retail sales could add to the volatility in the second half of the week.

    AUD/USD levels to consider

    The pair is now retreating 0.57% at 0.7148 facing the next support at 0.7129 (3-month uptrend) followed by 0.7091 (low Dec.17) and then 0.7012 (low Nov.10). On the other hand, a breakout of 0.7263 (high Dec.31) would open the door to 0.7388 (high Dec.4) and finally 0.7408 (200-day sma).
    For more information, read our latest forex news.
     

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