OctaFX | OctaFX Forex Broker
Open trading account

Forex: AUD/USD opens below 1.0300

The AUD/USD opens this week post-G20 meeting in Moscow showing some weakness, ahead of US markets closed on holiday, last at 1.0296, off recent fresh 3-day lows at 1.0278. Over the weekend, Australian Treasurer Wayne Swan spoke of the ‘headwind’ of the high AUD on CNBC, reported Eamonn Sheridan from ForexLive, which may have added to the bearish case.

“AUD/USD keeps focus to the downside,” says CMT and FXstreet.com Independent Analyst Fan Yang, “first to last week's low at 1.0226, and then below that, the 1.0150-1.0170 support area,” the analyst notes, adding: “A break above the channel and 1.0380 will be needed to neutralize the bearish outlook.” The pair so far crawls back to even since previous weekly close Friday, last above 1.0300 again.

Immediate resistance to the upside shows at Feb 13 lows 1.0317, followed by Feb 14 lows at 1.0326, and Feb 13 highs at 1.0361. To the downside, closest support lies at mentioned session and fresh 3-day lows 1.0278, followed by Feb 11 lows at 1.0262, and Feb 12 lows at 1.0226.

Forex Flash: Yen free to weaken after G20 - NAB

The message from G20 seems to be, according to NAB strategist, " ‘mind your language’, meaning that exchange rate shifts arising from appropriate domestic monetary and fiscal policies will not be criticised or challenged, but direct reference to currencies as a policy objective will be." The bank suspects "this means the yen is free to weaken, but Japanese officials must refrain from being seen to be goading the yen to weaker levels."
Read more Previous

United Kingdom: Rightmove House Price Index (MoM) (Feb): 2.8%

Read more Next
Start livechat