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AUD/USD: more downside to come? - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar broke lower against the greenback, with the pair setting a daily lo at 0.7047 ahead of the release of FOMC Minutes.

    Key Quotes:

    "The AUD/USD pair later bounced, but remained well below the 0.7100 figure, as the poor Chinese data released earlier in the day, affecting by the most the commodity-related currency. Despite a strong recovery in gold prices, the pair has fallen below a daily ascendant trend line coming from September 2015 low at 0.6906, currently at 0.7110, and the 1 hour chart shows that the price is well below a bearish 20 SMA, while the RSI indicator remains near oversold territory, and the Momentum hovers well below its 100 level."
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