AUD/USD – Bullish move stalls at 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD spiked in line with a broad based dollar sell-off, but the momentum stalled near 10-DMA level of 0.7555.

    Supported by 50% Fibo

    Pair jumped from 0.7495 (50% of 0.8163-0.6827) and extended gains to a high of 0.7558 in the US session following the dismal personal spending release.

    However, the spot has trimmed gains to trade around 0.7545 as the bullish move stalled following the US pending home sales growth came-in at 3.5%, bettering the estimate of 1.1%. Still, the greenback remains on a back foot amid holiday thinned trade.

    AUD/USD Technical Levels

    The immediate hurdle is noted at 0.7555 (10-DMA), above which the pair could target 0.7594 (Mar 14 high). On the other hand, a breakdown of immediate support at 0.7495 (50% of 0.8163-0.6827) would open doors for a drop to 0.7445 (Mar 15 low).
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