21 Dec 2014
AUD/USD stabilizing in bears territory
FXStreet (Guatemala) - AUD/USD opens the week in thin markets with holidays in Japan and seasonal holidays around the rest of the world.
The pair hit new low (0.8107) at the end of last week while the greenback continued to make ground across the board. The pair is stabilizing currently while below the recent low lies the 0.8068 2010 low. There is a long-term double Fibonacci support at 0.7950/30 and these have been sighted as key supports should the currency depreciate further.
The main theme of weakness is related to the Central Banks and expectations of easing from the RBA. Thus, there could be further divergence to play out over the course of the New Year. However, a much weaker Aussie may keep the RBA on hold and this will be monitored in respect to global competitiveness and the Central Bank’s own domestic growth requirements.
The pair hit new low (0.8107) at the end of last week while the greenback continued to make ground across the board. The pair is stabilizing currently while below the recent low lies the 0.8068 2010 low. There is a long-term double Fibonacci support at 0.7950/30 and these have been sighted as key supports should the currency depreciate further.
The main theme of weakness is related to the Central Banks and expectations of easing from the RBA. Thus, there could be further divergence to play out over the course of the New Year. However, a much weaker Aussie may keep the RBA on hold and this will be monitored in respect to global competitiveness and the Central Bank’s own domestic growth requirements.