AUD/USD: negative below 50/200 SMA bearish cross
FXStreet (Guatemala) – AUD/USD is currently trading at 0.7130 with a high of 0.7194 and a low of 0.7126.
AUD/USD is consolidating the daily uptrend from below the 0.69 handle having topped out at 0.7294 with business there pressured by the 0.7241 50 DMA and drawn back below while the hourly 50/200 SMA bearish cross weighs down on the unit to aforementioned lows. The greenback has been broadly bid at the start of the week, despite the recent dovish FOMC outcome while markets continue to price in a rate hike commencing this year.
It was a relatively quiet start in Asia overnight, but the week will pick up with both second tier Aussie and key Chinese data coming out this week. The key China Caixin flash manufacturing PMI will be reported Wednesday. EM’s and commodities will also be key factors this week while US data will start to kick in, with most attention paid to Fed speak, durable goods, PCE and anything out of the ordinary from the jobless claims data.
AUD/USD downside levels
On continued downside, “Below 0.7050 will alleviate immediate upside pressure and retarget the 0.6905 recent low and then 0.6774 the 2004 low longer term,” explained Karen Jones, chief analyst at Commerzbank. “Intraday dips are indicated to hold 0.7135/00 for now.”
AUD/USD is currently trading at 0.7130 with a high of 0.7194 and a low of 0.7126.
(Market News Provided by FXstreet)