AUD/USD Finds Respite Around 0.7210

AUD/USD Finds Respite Around 0.7210

23 May 2016, 13:51
Roberto Jacobs
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AUD/USD Finds Respite Around 0.7210

The Aussie dollar remains under pressure on Monday, with AUD/USD tumbling to the lower bound of the range near the 0.7200 handle.

AUD/USD upside capped near 0.7260

The pair has quickly eroded the overnight peaks to the 0.7260 area, coming down to the current vicinity of the 0.7200 mark after the US dollar managed to revert the initial negative start and the decline of crude oil prices continue to weigh on the risk-associated space.

Focus ahead in the session remains on the speech by San Francisco Fed J.Williams (non-voter) and tomorrow’s speech by RBA’s G.Stevens. Previously, St. Louis Fed J.Bullard (voter) argued the US economy is growing below trend pace around 2%.

AUD/USD levels to watch

At the moment the pair is down 0.10% at 0.7216 and a breakdown of 0.7173 (low May 19) would open the door to 0.7105 (low Feb.29) and then 0.7063 (23.6% Fibo of 0.6828-0.7836). On the other hand, the next up barrier lines up at 0.7341 (100-day sma) would expose 0.7403 (high May 11) and finally 0.7449 (38.2% Fibo of 0.6828-0.7836).


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