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AUD/USD: pressured on weaker Yuan, again....

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/USD has been pressured to the downside with a second day of a weaker yuan fix by the PBoC.

    PBOC injects 20bn yuan via 7-day reverse repos

    PBOC sets USD/CNY at 6.5172

    The price has been in steady decline since failing at the 0.76 handle as commodity markets and related currencies all took a turn for the worst, and the currencies remained low, despite a correction in some of the commodity sector, such as oil on the API inventories.

    The markets are turning heads now towards the FOMC after some not so positive data in the US shift over night in retails sales. "Tetail sales data for February were disappointing, with the control group unchanged and January's increase in the control measure revised down to +0.2% m/m vs +0.6% m/m initially reported. The clear implication is that it provides a dovish platform for the FOMC statement tomorrow and Yellen's press conference," explained analysts at ANZ.

    For live coverage of the key event in the FOMC, you can tune in here with FXStreet.

    AUD/USD levels

    AUD/USD has dipped below the 200 1hr sma at 0.7462 scoring a low of 0.7439 and the 20 sma on the same time frame at 0.7461 is crossing below the 200 and signalling further downside to come yet with S1 at 0.7408 and S2 at 0.7390. The 100 sma on the 4hr sticks is located at 0.7341 and below S3 at 0.7371.
    For more information, read our latest forex news.

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