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AUD/USD jitters around China open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD's recovery in early Asia is meeting supply on the back of the Yuan fix and Chinese markets opening under pressure.

    AUD/USD has been making a steady comeback after a bearish open when risk-off markets took the pair down from current levels to score a low of 0.6926. The Yen took the show to lose the 117 handle and score the lowest levels since the 2015 August low and diverging even further from that cluster of magnetic MA's on the 120 and 121 handles.

    The Aussie is now trading at the lowest levels since Sep 2015 when it made a low of 0.7021. China will continue to weigh on commodity prices and the Australian economy's outlook and could force the hand of the RBA sooner than later, pressuring the aussie to the downside.

    AUD/USD levels

    Technically, late September lows remain compelling at 0.6940 before 0.6907 the low. 0.7000 and then 0.7080 are first key resistances while bulls may struggle at 0.7090. 0.7120 thereafter and 0.7156 are next stops.
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