4 Sep 2015
AUD/USD making way for the June 2004 lows
FXStreet (Guatemala) - AUD/USD has continued to drift lower after the nonfarm Payrolls release. The price has finally penetrated the 0.70 with conviction after a number of sessions of support at this key levels.
AUD/USD has had a series of poor news this week from the economy and has been pressured to the downside of the 070 handle that had strong bids below on attempts to break this barrier.
However, the commitment from the bulls were impaired by the releases of what analysts at Brown Brothers Harriman explained to be a positive outcome overall that market participants (and presumably policymakers) will look past the low 173k increase, and instead focus on the favorable internals.
A low of 0.6908 has been scored so far in AUD/USD and Karen Jones, chief analyst at Commerzbank, suggested that 0.6970 3 month was the guard of the 0.6776 June 2004 low.
AUD/USD has had a series of poor news this week from the economy and has been pressured to the downside of the 070 handle that had strong bids below on attempts to break this barrier.
However, the commitment from the bulls were impaired by the releases of what analysts at Brown Brothers Harriman explained to be a positive outcome overall that market participants (and presumably policymakers) will look past the low 173k increase, and instead focus on the favorable internals.
A low of 0.6908 has been scored so far in AUD/USD and Karen Jones, chief analyst at Commerzbank, suggested that 0.6970 3 month was the guard of the 0.6776 June 2004 low.