AUD/USD: consolidated with a bearish risk-off bias below 0.7500

Ross J Burland FXStreet

Currently, AUD/USD is trading at 0.7468, down -0.42% on the day, having posted a daily high at 0.7508 and low at 0.7458.

AUD/USD remains in consolidation but trading with a bearish bias as failures at 0.7500 are met with supply down below 0.7480 and onto aforementioned lows. It is a relatively quiet start to the week, except for sterling that has grabbed the weekend headline sin respect to a hard looking Brexit that is on PM May's agenda according to the Telegraph of which news sent the pound off a cliff again. There had been a slight bid in the dollar as a result on safe haven flows. We await Aussie jobs data later in the week and chinese GDP. We also look ahead to Trump's inauguration as potential drivers for the major commodity currency and markets in general.

AUD/USD levels

Spot is presently trading at 0.7469, and next resistance can be seen at 0.7477 (Hourly 20 EMA), 0.7486 (Daily Classic PP), 0.7489 (Daily Open), 0.7500 (Monthly High) and 0.7500 (Weekly High). Next support to the downside can be found at 0.7463 (Daily Classic S1), 0.7458 (Daily Low), 0.7449 (Yesterday's Low), 0.7444 (Hourly 100 SMA) and 0.7436 (Weekly Classic PP).

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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