After finishing the overnight session near 0.8000, how does the AUDUSD pair currently trade? Examine the latest 24 January AUDUSD Fundamental Analysis to have an idea.
24 January, GKFX – AUD/USD finished the overnight session near 0.8000 after a bullish start to the session helped along by a stabilization in copper before a fade back to 0.7980. Currently, AUD/USD is trading at 0.8003, up 0.07% on the day, having posted a daily high at 0.8007 and low at 0.7993.
- AUD/USD looking for space on 0.80 handle.
- The dollar remains on the backfoot.
AUD/USD has spiked into the Tokyo open and caught a bid off the 100hourly SMA at 0.7994 to aforementioned highs. However, there is little of a catalyst here and no further scheduled events in the Asian session to support further volatility.
Senate managing to get a sign off from Trump
Meanwhile, the news from overnight was positives in the Senate managing to get a sign off from Trump for a debt extension until Feb 8th but this lead to a rally in US Treasuries supporting the antipodeans.
24 January AUDUSD Fundamental Analysis
The short-term outlook is bearish, as in the 4 hours chart, the pair broke below a horizontal 20 SMA at the beginning of the day, with the later recovery stalling below it:
Technical indicators in the mentioned chart have recovered within negative territory before losing upward strength, now poised to resume their declines. The pair has a strong support area around 0.7930/40, where it bottomed multiple times last week, with a break below it probably leading to a test of a major Fibonacci support at 0.7890, the 61.8% retracement of the September/December decline.
This article 24 January AUDUSD Fundamental Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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