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AUD/USD falls to fresh 8-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Australian dollar continues to underperform against a stronger greenback, as the risk-off sentiment continue to push investors out of risky assets and into safe-havens.

    AUD/USD
    has fallen for three consecutive days, breaking below several support levels to hit an 8-week low of 0.7057 in recent dealings. At time of writing, the pair is trading at 0.7070, still % below its opening price.

    On the data front, a series of US data might trigger some reaction in the FX market. During the New York session watch for ADP employment report, factory orders, Markit services PMI and ISM non-manufacturing report ahead of EIA weekly petroleum status report and FOMC minutes in the afternoon.

    AUD/USD levels to watch

    In terms of technical levels, short-term supports could be found at 0.7057 (Jan 6 low), 0.7015 (Nov 10 low) and 0.7000 (psychological level). On the other hand, resistances are seen at 0.7169 (100-day SMA), 0.7190 (50-day SMA) and 0.7214 (Dec 5 high).
    For more information, read our latest forex news.
     

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