AUD/USD minor recovery stalling on 0.71 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7116 with a high of 0.7120 and a low of 0.7113.

    AUD/USD recoveries are shallow after the FOMC offered a more hawkish than expected statement when rates were left on hold again. The price dropped below the 0.71 handle to score aforementioned lows after a drift to 0.7159 was ploughed into as investors picked up suggestions of a possible rate hike to come sooner than later when the economic conditions are appropriate. There needs to an improvement in the labour markets and more confidence on inflation picking up towards the committee's 2% target.

    Full text October FOMC statement

    AUD/USD levels

    Technically, 0.7385 Fibo retracement is required to remove the bearish bias out of the price while 0.7000 is being exposed on a break of 0.7051. The September lows are at 0.6940 ahead of 0.6905, recent low, and the 0.6774 2004 low.
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