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AUD/USD struggles to consolidate above 0.7000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Australian dollar is among the best performers on Monday, having bounced from fresh 5-month lows to regain the 0.70 mark as risk aversion eased during the European session.

    Despite another plunge in Asian markets, with China losing more than 5% to start the week, European investors shrugged off the negative sentiment, allowing a bounce in regional stocks and other risky assets.

    AUD/USD climbed more than 90 pips after bottoming out at 0.6926 at the opening and reached a daily peak of 0.7017 before losing momentum and steadying in a range just below. At time of writing, AUD/USD is trading at 0.7012, up 0.62% on the day.

    There is no first-tier data scheduled for the rest of the session, so FX market might continue to get cues from risk sentiment and equities moves.

    AUD/USD levels to watch

    In terms of technical levels, AUD/USD could find immediate supports at 0.6926 (Jan 11 low), 0.6908 (Sep 4 low). If the pair breaks below that level, it will be trading at its lowest since March 2009. On the other hand, resistances line up at 0.7075 (Jan 8 high) and 0.7158 (100-day SMA).
    For more information, read our latest forex news.
     

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