AUD/USD surrenders gains, drops to 0.6870

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Aussie dollar has given away part of its early gains vs. the greenback, now sending AUD/USD to test the 0.6870 zone.

    AUD/USD focus on Chinese data

    The pair remains under pressure at the beginning of the week despite today’s firmer tone, managing to rebound from last week’s multi-year troughs in the 0.6830/20 band albeit with the upside capped around 0.6830 for the time being.

    Spot will remain vigilant ahead of tomorrow’s GDP figures due in China during the fourth quarter, with market consensus expecting the economy to have expanded at an annual pace of 6.8% and 1.7% inter-quarter.

    AUD/USD key levels

    At the moment the pair is advancing 0.27% at 0.6879 and a breakout of 0.7050 (high Jan.12) would aim for 0.7104 (20-day sma) and then 0.7160 (55-day sma). On the flip side, the next support is located at 0.6824 (low Jan.15) followed by 0.6283 (monthly low Feb.2009) and finally 0.6245 (monthly low Jan.2009).
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