AUD/USD: breaks below 0.76 handle after USD/CNY fix

Ross J Burland FXStreet

AUD/USD is being pressured after the Yuan fix.

AUD/USD has broken below the 0.76 handle under the 1hr 200 sma at 0.7618 and is continuing in the bearish bad-jobs-data trend set at 0.7734. However, AUD/USD bears have yet to offer any conviction while only making a low of 0.7591 so far today from a high of 0.7616.

Meanwhile, elsewhere all is quiet and commodities are flat. However, this week will be yet another key week for the Aussie with CPI data around the corner, being the RBA's closer focus which will be raising the stakes this week.

AUD/USD levels

Bears are looking into the five month support line at 0.7529 (200 dma) as next key target. Below there, we have the 2016 uptrend line at 0.7508 and then the September low at 0.7443. "This remains a critical break down point to the 0.7146 May low," explained analysts at Commerzbank,adding, "Above 0.7730/60 would introduce scope to the 0.7836 April high (not favoured)."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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