December 27, GKFX – The AUDUSD pair is seen extending its Asian decline in the early European dealing, as the sellers remain in control amid a sell-off in the risk assets following disappointing Chinese macro news.
China’s industrial profits for December fell for the first time in three years, arriving at -1.8% y/y versus 3.6% previous. On the release, the Aussie changed course and fell about 20-pips from a high of 0.7077.
The selling intensified last hour and the bears now threaten the two-month lows of 0.7030 reached last week, as the US dollar attempts a minor recovery versus the commodity-currencies, the AUD; CAD and the Kiwi, with risk appetite waning amid a sell-off in oil prices, US equity futures and Treasury yields.
Markets believe the downside moves in the Aussie could be exaggerated by thin volumes while no major fundamental catalyst could also leave the spot largely tracking the USD price-action.
AUDUSD Technical Forecast
Today Last Price: 0.7044
Today Daily change: -27 pips
Today Daily change %: -0.382%
Today Daily Open: 0.7071
Previous Daily SMA20: 0.7191
Previous Daily SMA50: 0.7191
Previous Daily SMA100: 0.7202
Previous Daily SMA200: 0.7367
Previous Daily High: 0.7072
Previous Daily Low: 0.7032
Previous Weekly High: 0.7204
Previous Weekly Low: 0.7038
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7057
Previous Daily Fibonacci 61.8%: 0.7047
Previous Daily Pivot Point S1: 0.7044
Previous Daily Pivot Point S2: 0.7018
Previous Daily Pivot Point S3: 0.7004
Previous Daily Pivot Point R1: 0.7084
Previous Daily Pivot Point R2: 0.7098
Previous Daily Pivot Point R3: 0.7124
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