AUD/USD under pressure in early Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Bali) - AUD/USD has broken below its Asian box, currently extending towards the 0.7257 low, after being capped by offers above the 0.7280 earlier in Asia.

    Copper takes a hit

    Downward pressure in base metals, with copper dropping quite sharply in early Europe - extending losses seen in Asia -, gold down also for the day but falls more moderate, which coupled with profit taking after a 5-day winning streak in the Aussie, is weighing on the currency.

    AUD/USD technicals

    Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The daily chart shows that the pair remains within its latest range, contained by a symmetrical triangle which should be finally broken towards the downside to confirm a continuation of the long term bearish trend."

    "In the 4 hours chart, the 20 SMA has crossed above the 200 EMA and the price remains well above both, while the technical indicators have turned horizontal within positive territory, rather reflecting the latest range than suggesting a bearish move under way" Bednarik adds.
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