AUD/USD hovers at 7-year lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The Australian dollar entered a consolidation phase over the last hours, after plummeting through the 0.6900 level toward fresh 7-year lows versus the greenback.

    Amid renewed risk aversion and with the 0.6910/00 zone giving way, AUD/USD fell sharply and struck its lowest level since April 2009 at 0.6863. The pair found interim support in that region and it has spent the last hours within a narrow range just above its brand new low. At time of writing, the pair is trading at 0.6880, recording a 1.48% loss on the day.

    Disappointing US data hit the dollar across the board, but the Aussie was unable to benefit from the move.

    AUD/USD levels to watch

    In terms of technical levels, AUD/USD could find immediate supports at 0.6855 (Apr 2009 monthly low) and 0.6800 (psychological level), while resistances on bounces are seen at the 0.6910 area (former support zone), 0.7000 (Jan 15 high/psychological level), 0.7085 (Jan 7 high).
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