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AUD/USD much weaker, breaks below 0.7000

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Aussie dollar is now rapidly losing ground vs. the greenback, taking AUD/USD to fresh los in sub-0.7000 levels.

    AUD/USD lower on risk aversion

    Spot is accelerating its daily decline today, quickly breaking below the overnight consolidative pattern around 0.7030 to test session lows in the 0.6980/70 band. In addition, the risk aversion is now gathering further traction, taking a toll on riskier assets and hurting commodity-linked currencies, like AUD, NZD and CAD.

    Nothing worth mentioning in the data space, with only the API’s weekly report on crude oil stockpiles due later in the NA session.

    AUD/USD key levels

    As of writing the pair is retreating 1.43% at 0.6983 with the immediate support at 0.6916 (low Jan.26) ahead of 0.6900 (psychological level) 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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