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AUD/USD giving ground near 0.7060

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Aussie dollar is depreciating further vs. the greenback today, now sending AUD/USD to test fresh lows in the 0.7070/60 band.

    AUD/USD lower on dollar recovery

    Auspicious results from January’s Retail Sales have given further legs to the US dollar, forcing the pair to recede further and test lows near 0.7060. Spot is netting an even week so far, attempting to consolidate around the 0.70 area while gains appear so far capped in the mid-0.7200s.

    AUD/USD levels to watch

    At the moment the pair is losing 0.42% at 0.7071 and a break below 0.7045 (20-day sma) would aim for 0.6971 (low Feb.9) and finally 0.6916 (low Jan.26). On the other hand, the initial up barrier aligns at 0.7246 (high Feb.4) followed by 0.7304 (200-day sma) and then 0.7388 (monthly high Dec.4).
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