AUD/USD weaker, retreats to sub-0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Aussie dollar is now losing the grip vs. the greenback, with AUD/USD coming down below the 0.7100 handle.

    AUD/USD upside capped near 0.7150

    In the meantime, the pair keeps trading in 4-week peaks and extending its rebound from multi-year lows in the 0.6820/25 band, all sustained by the recovery in crude oil prices, commodity-bloc currencies and calmer Chinese markets (kind of).

    AUD saw its upside momentum picking up pace earlier today via higher AUD/JPY, in response to the BoJ’s announcement to cut rates into the negative territory.

    AUD/USD relevant levels

    As of writing the pair is up 0.17% at 0.7093 facing the next resistance at 0.7166 (4-month uptrend prev. sup. Now res.) followed by 0.7332 (high Dec.31) and then 0.7345 (200-day sma). On the other hand, a breach of 0.6916 (low Jan.26) would aim for 0.6873 (low Jan.21) and finally 0.6825 (low Jan.20).
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