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AUD/USD bears taking charge

FXStreet (Guatemala) - AUD/USD is trading at 0.8704, down -0.11% on the day, having posted a daily high at 0.8723 and low at 0.8692.

AUD/USD bears have been going for the 0.87 handle whilst riding the strength in the greenback and supported on lower growth forecasts globally, in the main coming from Europe. Until a change of risk sentiment, the Aussie could be expected to appease the RBA’s hopes for a weaker domestic currency. The greenbacks fate is going to depend on end of year outcomes in respect to anticipated FED action and key data and commentary from Yellen will be the driving force.

We will see some of that data at the end of this week noting events on the calendar with retail sales first up, Philly Fed, housing stats, Michigan consumer sentiment survey and Yellen’s speech.

AUD/USD noteworthy levels

With spot trading at 0.8704, we can see next resistance ahead at 0.8714, 0.8730 (Hourly 20 EMA), 0.8737 (Daily Classic PP) and 0.8746 (Weekly Classic PP). Support below can be found at 0.8686 (Daily Classic S1) 0.8640 and 0.8600.

Australia New Motor Vehicle Sales (YoY) rose from previous -3.5% to 0.8% in October

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