AUD/USD subdued around 0.7100

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar keeps trying to leave the area of overnight troughs vs. the dollar around 0.7080, pushing AUD/USD back to the boundaries of 0.7100 the figure.

    AUD/USD weaker on risk aversion

    The pair is following the prevailing downbeat sentiment dominating the risk-associated assets, commodities and high-beta currencies, trading in a choppy fashion around the 0.7100 handle and extending the correction from last week’s highs in the mid0.7200’s.

    In the data space, and against the backdrop of the Chinese new year festivities, Home Loans and Investment Lending for Homes are due tomorrow in Oz, whereas Initial Claims and another testimony of Chair Yellen will be in the limelight in the US calendar today.

    AUD/USD levels to watch

    At the moment the pair is down 0.09% at 0.7102 facing the next hurdle at 0.7246 (high Feb.4) followed by 0.7308 (200-day sma) and then 0.7388 (monthly highDec.4). On the flip side, a break below 0.7033 (20-day sma) would aim for 0.6971 (low Feb.9) and finally 0.6916 (low Jan.26).
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