AUDUSD Extend Declines to 0.7040

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.

Fundamental Highlights

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


This article 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.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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