FXStreet (Guatemala) - AUD/USD is not very eventful with thin markets for Australia day and the price is static at the mid-point of the 0.69 handle. We await the FOMC this week as the showdown event while otherwise markets are monitoring commodity prices, specifically oil and of course China. The fix in China wasn't eventful again and it seems that China has done a great deal to ensure stability of markets ahead of the New Year holidays in first week of Feb. China is a major concern that is keeping investors nervous while risk off flows leave the Aussie exposed to the downside. Oil slipped again today and OPEC is voicing concerns and looking for cooperation from non-OPEC members to collaborate in order to tackle oversupply and help prices rise. Also, Fitch Ratings downgraded Weatherford International plc to 'BB' from 'BBB-', further pressuring oil on a negative outlook for the industry. While the price remains below the 0.7047 recent highs, the downside remain compelling. AUD/USD levels Technically, Valeria Bednarik, chief analyst at FXStreet explained that, "Selling interest will likely appear on a test of the 0.7040 region, while further declines are expected below the daily low, also a strong static intraday support". Should the price manage a convincing bid, the 4hr charts offer the 200 sma at 0.7111 as a near term target should the pair manage to push through recent highs of 0.7047 and the daily 20 sma guarding Jan 7th 0.7075 high. To the downside, the previous daily low was 0.6875. A break below 0.6827 leaves the downside wide open and bear trend in tact. For more information, read our latest forex news.