AUD/USD: heavily short and market await catalyst

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7032 with a high of 0.7064 and a low of 0.7019.

    AUD/USD remains within the consolidation and the market already heavily short, long of dollars and in wait and see mood, cautious to be too short ahead of key Chinese IP data tonight in Asia potentially confirming that China is headed for a hard landing, Aussie jobs data tomorrow night and Fed speakers this week, including Yellen's welcoming remarks at the Conference on Monetary Policy Implementation and Transmission in the Post-Crisis Period.

    AUD/USD levels

    Technically, AUD/USD is below the base of the 2 month channel at 0.7097 and pressures are lessening in a period of consolidation. However, the downtrend is firmly in place and pressures will remain prominent below the 0.7298/0.7385 Fibo retracement and within the 2014-2015 downtrend. A break of the 0.7000 support level opens the September 9th low of circa 0.6940 targeting 0.6905 that guards territory to the 0.6774 2004 low.
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