FXStreet (Guatemala) – AUD/USD is currently trading at 0.6925 with a high of 0.6928 and a low of 0.6923 in early Asia.
AUD/USD has been subdued in a light US session, but remains contained by the descending 50 SMA on the hourly chart in a defined bearish trend, scoring multi-year lows in recent sessions. The unit has been in consolidation of the downside in the Us session and it looks ahead this week towards the key job data from Australia now that the Nonfarm Payrolls has been digested, adding to the bearish bias.
AUD/USD awaits Chinese data
However, we also have some key activity this week from China who have returned from a four-day break. Equities were struggling overnight, with the Shanghai Composite closing down 2.32% by end of trade and the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1 percent, driven by the losses in China. China will release its latest Trade Balance figure today and Australia will release the NAB’s business indicators.
AUD/USD levels
Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4-hours chart, the 20 SMA maintains a strong bearish slope, providing a strong dynamic intraday resistance around 0.6970.
Should the downside accelerate, while 0.6500 may have psychological importance, looking back on the longer term charts, there is very little technical until 0.6000. 0.6850 is likely to be an area of support in normal conditions, but as markets as volatile as they have been, 0.6774 June 2004 low then 0.6280 2009 March lows and 0.6122/.6010 at the 2008 lows are compelling.
(Market News Provided by FXstreet)