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AUD/USD keeps lows near 0.7030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Aussie dollar is following the rest of the riskier assets today, with AUD/USD meandering the lower bound of the range around 0.7030.

    AUD/USD weaker on risk aversion

    The risk-off trade remains on the rise this week, prompting the pair to retrace part of the recent advance and return to the low-0.7000s, where it is now trying to consolidate.

    Data wise in Oz, NAB’s Business Confidence remains steady during January, while Business Conditions eased a tad. In the US docket, NFIB’s Business Optimism index is due followed by Wholesale Inventories and the API report on crude oil stockpiles.

    AUD/USD key levels

    As of writing the pair is retreating 0.79% at 0.7033 with the immediate support at 0.6999 (low Feb.3) ahead of 0.6916 (low Jan.26) and finally 0.6824 (low Jan.15). On the other hand, a break above 0.7137 (55-day sma) would open the door to 0.7246 (high Feb.4) and then 0.7311 (200-day sma).
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