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AUD/USD headed for Sep lows to lose 0.70 handle?

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7077 with a high of 0.7179 and a low of 0.7054.

    AUD/USD dropped again overnight in Asia where all the action seems to be happening with China as a catalyst. There was a sharp devaluation of the Yuan yesterday to kick off the supply and then the Chinese Ciaxin services data was also poor igniting further bearishness in the Aussie.

    AUD/USD and FOMC minutes

    Today, the ADP was strong in the US with 257k vs 192k expected as a prelude for Nonfarm Payrolls at the end of the week with a number expected above 200k and Fed hikes friendly. PMI's in the US were mixed and we now await the FOMC minutes to steer the direction in AUD/USD for the time being.

    AUD/USD levels

    Technical readings point to the 4 month uptrend at 0.7115 was taken out and so was the 0.7098 previous low. Next stop looks at 0.7017 November low and the September low at 0.6940.
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