AUD/USD slumps to lows near 0.7460

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar is now depreciating further, dragging AUD/USD to visit fresh lows in the 0.7460 area.

    AUD/USD lower as risk-on deflates

    AUD saw its offered tone intensified today, as the now deeper correction in crude oil prices continue to hurt the risk-associated space. Spot is thus giving away more than a cent since yesterday’s multi-month peaks in the proximity of the 0.7600 limestone.

    Previously, the RBA minutes showed the central bank has no additional concerns over China, while it remains comfortable with its current ‘wait-and-see’ bias.

    AUD/USD levels to watch

    At the moment the pair is losing 0.65% at 0.7466 and a break below 0.7412 (23.6% Fibo of 0.6824-0.7594) would aim for 0.7314 (20-day sma) and then 0.7246 (200-day sma). On the other hand, the next up barrier lines up at 0.7596 (high mar.14) followed by 0.7851 (monthly high Jun.18 2015) and then 0.7940 (monthly high Mar.24 2015).
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