AUD/USD looks to test vulverable stops below 0.6820

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.6847 with a high of 0.7002 and a low of 0.6827.

AUD/USD has fallen to its knees with a recent breakdown of risk appetite again, oil much lower and stocks falling out of the wrong side of bed worldwide. There had been a little stability back in China this week, especially with the Yuan being fixed at stronger levels. However, investors are not convinced that the authorities can stabilize the market long-term and that the bubble has popped.

Not even data has been a case for the bid, with trade balance and Aussie jobs both surprising to the upside. Next week comes with China’s retail sales, industrial production and CPI, all of which can be market movers. Meanwhile, the downside bias remains as markets dump the carry for safe havens.

AUD/USD levels

Technically, Karen Jones, chief analyst at Commerzbank explained that AUD/USD remains immediately offered below 0.7050. “Risks are on the downside longer term and we target the .6774 2004 low. Near term we
For more information, read our latest forex news. …read more

Source:: FX Street