We Respect Your Privacy & Maintain Compliance Standards

We use cookies to enhance your browsing experience, serve personalised ads or content, and analyse our traffic. By clicking "Accept Cookie", you consent to our use of cookies.

 

By accessing our main website, hubfx.co, you confirm that you are visiting from one of the jurisdictions listed at hubfx.co/permitted-jurisdictions. Furthermore, you acknowledge that your visit pertains solely to our intended service offerings for your jurisdiction and does not involve any activities listed at hubfx.co/non-permitted-activity.
Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Get Started
Get Started

AUD/USD continues to flirt with key support level since last week

  • December 17, 2024
  • -FCHFX, US Dollar

December 17, 2024 at 06:23AM
The pair is down 0.4% today and erasing the advance from yesterday, moving back to test the August low of 0.6347. We’ve been here before with the low last week touching 0.6336 but ultimately, the daily and weekly close held. Will it be the same this time around? The pressure is definitely building.

With China continuing to let the yuan weaken, it’s tough for the aussie to stay afloat for now. USD/CNY is up again today to 7.28, rising back to its highest levels in two weeks. That’s part of the equation weighing on AUD/USD as a whole recently.

Besides that, the aussie side of the equation isn’t helping as the RBA begins to shift to a more dovish stance. The door is open for a February rate cut and market pricing shows the odds of a 25 bps move at ~65% now.

But for trading this week, it’s all about the dollar side of the equation. The Fed is the main event to watch on the week and that will ultimately settle the score for if we are going to get a steeper downside break in AUD/USD.

The technicals are certainly lining up for it. It’s now a case of traders looking to the Fed for confirmation tomorrow.

This article was written by Justin Low at www.forexlive.com.

AUD/USD continues to flirt with key support level since last week
Previous Post
Next Post
zh-CN Chinese (Simplified)cs Czechen Englishfr Frenchde Germanno Norwegianpl Polishpt Portuguesesv Swedish
en English