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AUD/USD sold off as Shanghai under pressure

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - AUD/USD has come off daily highs above 0.7250, to currently print session lows of 0.7228, with heavy selling flows hitting the Aussie as Shangahi is also sold off, down more than 2%.

    Risk aversion settles in

    AUD/USD had found support at the 0.7238/40 late in NY, with a slow but steady move higher before the selling kicked in, now turning the 0.7235/45 area into immediate resistance overhead as the risk-off sentiment settles in along the Asian session.

    AUD/USD key levels

    The key level to the downside is now found at 0.7215 (daily S1) ahead of 0.72 (round number) and 0.7180 (lows Oct 21/22). On the upside, other than 0.7235/45 (also area where pivot point for the day is found), 0.7265//70 will be next ahead of 0.7290/73, where strong offers remain.
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