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AUD/USD looking at Nov lows on negative China open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD has dropped sharply on the Yuan fix that is showing a weaker outlook for the currency and causing concerns among observers and investors.

    The flight to safety is not helping the bulls cause in their recovery attempts while there was a short-lived bid on the back of the dovish FOMC minutes overnight. However, the Chinese stock markets have opened down between 2.6% and 2% and further adds pressure to the Aussie after a poor set of building permits data earlier in the session as well.

    AUD/USD levels

    Technically, the 0.7017 level and November lows are compelling ahead of the September low at 0.6940. 0.7080 is first resistance while bulls may struggle at 0.7090 and the 20 SMA on the hourly. AUD/USD is offered below 0.7200.
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