AUD/USD tumbles below 0.7200 ahead of Yellen
|The increasing bid tone in the greenback continues to hurt the risk-associated space, with AUD/USD quickly breaking below the 0.7200 key support.
AUD/USD attention to 0.7150
The selling pressure around the Aussie dollar has accelerated following the US data releases today and ahead of the speech by Chief J.Yellen, prompting the pair to once again breach the critical support at 0.7200 and open the door for a re-visit to earlier 2-month lows in the mid-0.7100s (Tuesday).
In the meantime, spot keeps the lower bound of the recent range, losing ground almost uninterruptedly since the recent RBA 25 bp rate cut and with gains so far capped in the vicinity of the key 200-day sma around 0.7250.
AUD/USD levels to watch
At the moment the pair is down 0.51% at 0.7189 and a breakdown of 0.7142 (low May 24) would open the door to 0.7105 (low Feb.29) and then 0.7063 (23.6% Fibo of the Jan-Apr up move). On the other hand, the next up barrier lines up at 0.7254 (200-day sma) followed by 0.7320 (high May 11) and finally 0.7403 (high May 11).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.