AUD/USD Drops to 0.7280, Session Lows

AUD/USD Drops to 0.7280, Session Lows

13 May 2016, 10:42
Roberto Jacobs

AUD/USD Drops to 0.7280, Session Lows

The Aussie dollar depreciating further on Friday, relegating AUD/USD to the area of daily lows in the 0.7280 region.

AUD/USD lower on USD-bids

The pair is sharply lower today, trading in levels last seen in early March around 0.7280 in response to the re-emergence of the sentiment towards the greenback, poor performance of equity markets in Oz and market chatter regarding the likeliness of another rate cut by the RBA.

Next on tap will be US Retail Sales, seconded by Business Inventories and the Consumer Sentiment tracked by the Reuters/Michigan index.

AUD/USD levels to watch

At the moment the pair is dropping 0.59% at 0.7281 and a breakdown of 0.7260 (200-day sma) would open the door to 0.7210 (61.8% Fibo of 0.6828-0.7836) and then 0.7105 (low Feb.29). On the other hand, the next up barrier lines up at 0.7341 (100-day sma) ahead of 0.7449 (38.2% Fibo of 0.6828-0.7836) and finally 0.7543 (20-day sma).


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