AUD/USD Nov. 12 – Free Falling on Global Problems

AUD/USD dropped very quickly leaving parity far behind, as global worries reached the land down under. At which technical levels will the pair stabilize? Here’s a quick update on technicals, fundamentals and community trends.

AUD to USD supported at parity.

AUD/USD Technicals

• Asian session:  The Aussie struggled under parity before the big fall that sent it to the 0.9850 area.
• Current Range: 0.9850 to 0.9915
• Further levels in both directions: Below  0.9850, 0.9750, 0.9660. Above 0.9915, 1.0000, 1.0080, 1.0180, 1.0220, 1.03.
• Parity returned to working as resistance.
• 0.9850 is only temporary support. Serious support is at 0.9660.

AUD/USD Fundamentals

All times are GMT. Most important events emphasized.

• 13:35 US FOMC member Daniel Tarullo speaks.
• 14:55 US Consumer Sentiment. Exp. 69.1 points.

AUD/USD Sentiment

• Talks about China limiting foreign activity in China sent the Shanghai stock exchange 5% lower, hurting the Aussie as well.
• European problems begin to weigh on the whole world and the Aussie finally reacted. The Irish crisis topped the G-20 agenda. Also weak European GDP added to fear.
• The rise in unemployment rate was a disappointment, but after it was explained in an expansion in the number of people in the job market. So, the Aussie is back on its feet.
• G-20 statements will rock the markets. No significant agreement is expected, but any mention of currencies will move the markets. FX is high on the agenda.
• Currensee Community: 86% are short, 14% are long. 314open positions in real accounts trading this pair at the moment. The community sure saw the correction, and sees more falls.

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