AUD/USD Forex Technical Analysis – Downside Momentum Targets .6851 – .6809
FX EmpireJanuary 19, 2020, 11:52 AM GMT+5
After showing signs of strength early in the session on the back of solid Chinese Gross Domestic Product (GDP) data, the Australian Dollar reversed to the downside to finish lower for the session. Stronger-than-expected U.S. housing data drove Treasury yields higher, making the greenback a more attractive asset. This weighed on the Aussie into the close.
On Friday, the AUD/USD settled at .6872, down 0.0024 or -0.35%.
Also contributing to the weakness were concerns over the impact of the bushfires on the Australian economy and continued worries about a possible rate cut by the Reserve Bank of Australia (RBA). Position-squaring ahead of this week’s Australian employment reports also pressured the Aussie.