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AUDUSD Retreats but EURUSD 1.3075 Critical to Risk Trends

AUDUSD Retreats but EURUSD 1.3075 Critical to Risk Trends

John Kicklighter, Chief Strategist

AUDUSD's retreat from a bullish breakout and 1.0600 level Friday developed into a significant correction to start this new trading week. However, EURUSD and US equities hesitance to simply follow the 'risk off' move warrant caution. If risk aversion isn't strong enough to drag an overbought Euro and US stock market lower, perhaps AUDUSD is the odd man out in its relationship to risk trends. On the other hand, this pair may be leading the charge. We will likely learn the dominant trend soon enough with volatility, correlations and technical levels as our guide.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.