AUD USD floated into negative territory
1/24/2017 9:12:13 AM
The AUD/USD pair retreated early gains to almost 2 month high level beyond 0.7615 handle in forex market and has now floated in to negative territory.
Currently trading around 0.7567 area, the pair failed to conclusively break through 0.7615 handle among a slight USD recovery, led by a recoil back in the US Treasury bond yields, which tends to drive flows away from higher-yielding currencies - like the Aussie.
A follow through retracement below 0.7557 support is likely to speed up the slip towards 0.7527 midway support ahead of the very important 200-day SMA support near 0.7505 psychological mark.
On the other hand, 0.7615 area stays immediate strong hurdle, which if cleared conclusively is likely to cause a fresh leg of up-move towards 0.7647 persistence area, with some intermediate persistence near 0.7625 level.
FOREX Fundamental Analysis
Written by FxErvin