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AUD/USD hammered on Belgium attacks, lowest since March 17th

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD has come under extreme pressure following the multiple terror attacks in Brussels, sending the pair all the way down to 0.7550 mid round number, setting its lowest since March 17th, although a vigorous rebound is currently underway, last at 0.7570/75.

    Aussie hit by 'risk off' flows

    The one-way traffic for the Australian Dollar comes as the intrinsic value for the Aussie gets revised lower amid risk aversion, which has taken its toll on commodities (copper, iron ore, etc), while injecting a strong impulse to the US Dollar. In the big picture, however, the market remains in a constructive uptrend, suggesting that at present levels, some short term bargain hunters may start to emerge.

    AUD/USD key levels

    Looking at the levels for the day, a clear rejection off 0.7575 line of support may lead to sellers being caught on the wrong side and probably bailing out for a potential test of 0.76 round number. Should selling resume following the current rebound, 0.7550 is the next target, which if broken, may expose deeper bear targets towards 0.7350 (S2 level) followed by 0.75.
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