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AUD/USD weak, wobbles around 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar keeps the negative territory today, relegating AUD/USD to the 0.7100 neighbourhood.

    AUD/USD weaker on USD strength

    Spot has met increasing selling pressure following overnight comments by RBA Board member J.Edwards, who hinted that the exchange rate could be somewhat ‘overvalued’, as he expressed his preference for AUD at 0.65 vs. the dollar.

    Absent releases in Oz, the attention has shifted to the US calendar, where January’s inflation figures tracked by the CPI are due later in the NA session.

    AUD/USD levels to watch

    At the moment the pair is down 0.60% at 0.7104 facing the next support at 0.6971 (low Feb.9) ahead of 0.6916 (low Jan.26) and finally 0.6825 (low Jan.20). On the other hand, a surpass of 0.7246 (high Feb.4) would expose 0.7282 (200-day sma) and then 0.7388 (monthly high Dec.4).
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