27 Jul 2015
AUD/USD: Bears await key US data
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7276 with a high of 0.7276 and a low of 0.7268.
AUD/USD is trading with a bearish gap at the start of the week from 0.7277 to 0.7262 and has been pressured from all sides and down to multi year lows on the back of a moderation in key global growth which markets expect to spur the RBA on to further easing. AUD is subsequently approaching a key retracement level of its 2001-2011 rally, with risk of a break toward the 61.8% Fibo at 0.7185. The recent decent through 0.73 was as a result of the Chinese PMI's, a sell off in Gold and copper and the continued verbal interventions and jawboning from the RBA officials.
FX Strategists at ANZ said, “Following its recent swoon below USD0.75, on some metrics the AUD has started to look closer to fair value, however, this does not yet suggest a base is near. Initial bounces may be limited to the $0.7330 area." Meanwhile, the week ahead is light for the domestic calendar in Australia but the day kicks off in the US with Durable Goods for June, the FOMC later in the week and then GDP Q2.
AUD/UD technically bearish below 0.7551
Technically, AUD/USD remains bearish bellow the 0.7551 downtrend and keeps the base of the 2 year channel at 0.7204 longer term. To the upside, 0.7526 the 23.6% retracement stands as a key resistance through 0.7480.
AUD/USD is trading with a bearish gap at the start of the week from 0.7277 to 0.7262 and has been pressured from all sides and down to multi year lows on the back of a moderation in key global growth which markets expect to spur the RBA on to further easing. AUD is subsequently approaching a key retracement level of its 2001-2011 rally, with risk of a break toward the 61.8% Fibo at 0.7185. The recent decent through 0.73 was as a result of the Chinese PMI's, a sell off in Gold and copper and the continued verbal interventions and jawboning from the RBA officials.
FX Strategists at ANZ said, “Following its recent swoon below USD0.75, on some metrics the AUD has started to look closer to fair value, however, this does not yet suggest a base is near. Initial bounces may be limited to the $0.7330 area." Meanwhile, the week ahead is light for the domestic calendar in Australia but the day kicks off in the US with Durable Goods for June, the FOMC later in the week and then GDP Q2.
AUD/UD technically bearish below 0.7551
Technically, AUD/USD remains bearish bellow the 0.7551 downtrend and keeps the base of the 2 year channel at 0.7204 longer term. To the upside, 0.7526 the 23.6% retracement stands as a key resistance through 0.7480.