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AUD/USD hovers below 0.7000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD turned lower and pulled back from Friday’s highs weighed by the risk averse tone seen during the European session.

    AUD/USD came under mild pressure and dipped back below the 0.70 mark, after hitting a peak of 0.7045 on Friday. The pair bottomed out at 0.6967 but managed to steady and it has spent the last hours in a narrow range just above. At time of writing, AUD/USD is trading at 0.6980, 0.29% below its opening price.

    There is no first-tier data scheduled for the rest of the day, so pairs might continue to oscillate in tandem with investors’ sentiment.

    AUD/USD technical levels


    In terms of technical levels, AUD/USD could find immediate supports at 0.6945 (10-day SMA), 0.6875 (Jan 21 low) and 0.6826 (7-year low, Jan 15). On the flip side, resistances are seen at 0.7030 (Jan 25 high), 0.7045/6 (Jan 22 high/20-day SMA) and 0.7085 (Jan 7 high).
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