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23 Jan 2015
AUD/USD recovering back to the 0.7950/30 fibo
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7928 with a high of 0.8054 and low of 0.7881, down 1.12% on the day.
AUD/USD is back onto the 0.79 handle and at the long term double Fibonacci /resistance area support at 0.7950/30 after a bout of hard supply coming in this week in favour of the greenback's attraction. The offers had the pair right down to 0.7882 on the final drive from the bears before demand came in to take us back to the mid point of the 0.79 handle.
AUD/USD, going forward in the medium term, is likely to remain under pressure below 0.8050/80 at least and the June 2010 lows. The markets are concerned around the RBA, especially given the surprise shock rate cut from the BoC this week. The weakness in commodity prices will add to the case for a cut on February 3rd's meeting. However, longer term, with the ECB injecting billions of liquidity into the markets, the Aussie may benefit from increased investment and flows leaving the EU. To the downside and below current lows, the next major level is the 0.7781 200 month moving average.
AUD/USD is back onto the 0.79 handle and at the long term double Fibonacci /resistance area support at 0.7950/30 after a bout of hard supply coming in this week in favour of the greenback's attraction. The offers had the pair right down to 0.7882 on the final drive from the bears before demand came in to take us back to the mid point of the 0.79 handle.
AUD/USD, going forward in the medium term, is likely to remain under pressure below 0.8050/80 at least and the June 2010 lows. The markets are concerned around the RBA, especially given the surprise shock rate cut from the BoC this week. The weakness in commodity prices will add to the case for a cut on February 3rd's meeting. However, longer term, with the ECB injecting billions of liquidity into the markets, the Aussie may benefit from increased investment and flows leaving the EU. To the downside and below current lows, the next major level is the 0.7781 200 month moving average.