AUD/USD: losing 0.72 ahead of key events
The 0.73 handle was a strong level of resistance and final positioning ahead of the FOMC left the downside vulnerable and the Australian jobs data rally short-lived. We now await the RBA minutes next week and the Chinese industrial production data over the weekend to start us off in Asia.
We have benign releases from the US relatively while the FOMC already has been persuaded by previous data to make a decision for December's interest rate meeting, however, the CPI's will be scrutinised in respect of the components for subsequent decisions in 2016. commodities will continue to drive the price otherwise, and that is a bearish call.
Technically, AUD/USD remains directly offered below the 200 DMA at 0.7446 and only a break of that would alleviate pressures in the medium term. More immediate resistance comes at the 0.73 handle ahead of 0.7380. 0.7200 is being eroded with momentum in the bears favour.
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