AUD/USD potential slide back to 1.0620

The aussie is trading firmly back above the 1.0700 mark on Tuesday after positive domestic data: Westpac Consumer Confidence index rose 4.2% in January vs +2.4% in the previous month. Also the New Motor Vehicle sales jumped 1.3% in January and 2.7% over the last twelve months.
The high-yielder was also propelled by positive news coming from the Greek front as well as comments from the Chinese PBoC regarding its future involvement in the euro zone.

Although the good momentum in the cross, C.Harmer, analyst at Charmer Charts, remarks that “remains looking under pressure and we do still look for weakness down to minimum target of 1.0620 possible 1.0570 over the next few sessions”.

At the same time, she added that further downside beyond 1.0570 would bring 1.0480 in the longer term.


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