1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

AUD/USD headed for a sell-off?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7245 with a high of 0.7283 and a low of 0.7227.

    AUD/USD has started to recover after being taken lower on the strongest performing currency that is the greenback as we lead into the Thanksgiving holidays in the states and after a series of data that was supportive of a rate hike hike from the Fed in December. Durable goods was a stormer at 3.0% vs just 1.5% expected and -0.8% previous while PCE came in line with expectations except for M/M that missed lower by 0.1%.

    Meanwhile, the RBA are expected to remain on hold that is supportive of the Aussie and that has allowed the currency to drift higher in a minor recovery of the downtrend of late April's business earlier in the year. The major commodity currency will, however, be subject to the bears hand with weak commodities sector that is dying a slow death and headwinds from a slowdown in Asia and EM's.

    AUD/USD levels

    Technically, AUD/USD has simmered down in the recovery, but remains on the 0.72 handle and trades above the 100 DMA still at 0.7204 today. A sustained close below here into December's business could indicate that the market is getting prepared for a Fed hike and may cap the Nov recovery attempt and leave highs short of the 0.73 handle and 0.7298/0.7385 Fibo retracement levels. Bears would be targeting the pre-Aussie jobs data news price at 0.7060 in the near term.
    For more information, read our latest forex news.
     

Share This Page