FxWirePro: AUD/USD hits fresh trend low at 0.7200, under pressure as SHCOMP re-opens
Monday, August 24, 2015 6:00 AM UTC
- Aussie tracking Chinese stocks rout while plummeting oil and base metals prices add to the persisting risk-off mood
- AUD/USD down 1.2% last on the day, currently trading at 0.7226, but losses on crosses edging over 2.0%
- Pair hit fresh trend low today at 0.7200, with next major line of support located at 0.7185 (Fibo 0.6007-1.1081)
- Immediate resistance is seen at 0.7265 (Day's High), above which gains could be extended to 0.7312 (Aug 23 High)
- Overall momentum in the pair is bearish, price action is well below the cloud and Moving Averages, RSI and Stochs biased lower
- With little data ahead in the day to provide direction markets will closely watch China market close
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