AUD/USD sharply lower after Doha, around 0.7660

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar is following the rest of the risk associated assets at the beginning of the week, sending AUD/USD to the lower end of the range near 0.7660.

    AUD/USD finds support near 0.7640

    The pair is trading around a cent lower from last week’s fresh 2016 highs near 0.7740 in the aftermath of the Doha meeting on Sunday, where oil producers failed to seal a deal on an output freeze. News from the ‘no deal’ have hurt risk sentiment, sending AUD to open the day with a significant gap lower.

    While risk trends are expected to dominate the headlines today, Governor G.Stevens will give a speech tomorrow in an otherwise empty calendar in Oz this week.

    AUD/USD levels to watch

    At the moment the pair is retreating 0.85% at 0.7659 and a breach of 0.7610 (20-day sma) would expose 0.7522 (23.6% Fibo of 0.6824-0.7737) and then 0.7475 (low Mar.24). On the flip side, the next up barrier lines up at 0.7737 (2016 high Apr.14) ahead of 0.7739 (monthly high Jul.1 2015) and finally 0.7851 (monthly high Jun.18 2015).
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