AUD/USD in play below 0.7200 as slowdown fears grip broader markets

The Aussie opens the new week on thin trading ahead of RBA's Tuesday showing.
Investor confidence remains weak in the early Asian market session.

Joshua Gibson FXStreet

The AUD/USD pairing has opened the new trading week quietly, sticking close to where it closed out last Friday near 0.7170. Declining economic figures from China and investor concerns about a growing global slowdown saw the Aussie weaken late last week into a fresh bottom at 0.7150, and the new trading week is seeing a quiet start as investors gear up for the new week.

Saturday saw China's House Price Index clip into 9.3% versus the previous 8.6%, and the improved reading is helping to keep early-Monday investor confidence on-balance after last week's Retail Sales and Industrial Production misses. Monday itself sees a limited start on the calendar with no meaningful data slated for the early session, though Tuesday will be bringing another round of the Reserve Bank of Australia's (RBA) Meeting Minutes, and declining Australian/Chinese economic data in recent weeks could push the RBA further into their dovish trench, which would further pull investor confidence out of the Aussie.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7172
    Today Daily change: -7.0 pips
    Today Daily change %: -0.0975%
    Today Daily Open: 0.7179
Trends:
    Previous Daily SMA20: 0.7253
    Previous Daily SMA50: 0.7192
    Previous Daily SMA100: 0.7227
    Previous Daily SMA200: 0.7395
Levels:
    Previous Daily High: 0.7231
    Previous Daily Low: 0.7151
    Previous Weekly High: 0.7247
    Previous Weekly Low: 0.7151
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7182
    Previous Daily Fibonacci 61.8%: 0.7201
    Previous Daily Pivot Point S1: 0.7143
    Previous Daily Pivot Point S2: 0.7107
    Previous Daily Pivot Point S3: 0.7063
    Previous Daily Pivot Point R1: 0.7223
    Previous Daily Pivot Point R2: 0.7267
    Previous Daily Pivot Point R3: 0.7303

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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