AUD/USD bears lining up for December’s expectations

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7224 with a high of 0.7230 and a low of 0.7214.AUD/USD is idle and awaiting impetus as we have moved into the first set of thin markets for the year’s ending trade for 2015.

Thanksgiving is traditionally very quiet and the major commodity pair is likely to remain in a phase of consolidation until we move over the jam packed week ahead. The key components are going to stay with the US data ahead of the final FOMC for the year where markets are banking on a Fed hike for the first time in almost a decade. At the same time, the RBA are expected to remain on hold and unlikely to make any adjustments to their outlook until at least February of next year while data comes through over the next couple of months. This exposes the downside in the pair especially while funds are repatriated and dominated back into USD to close down the books and squaring of positions.

AUD/USD levels

Technically, with price below the 4hr 100 SMA and 20 SMA the outlook in the near term is bearish while a break of the 100 1hr SMA to the downside …read more

Source:: FX Street