AUD/USD attempts to retest multi-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD pulled back from yesterday's multi-month high during the Asian session amid weaker-than-expected Chinese trade data, although with the downside contained by the 0.7410 zone, the pair managed to resume the advance over the last hours.

    After hitting an 8-month peak of 0.7484 on Monday, AUD/USD staged a mild pullback that found support around 0.7410 and turned back higher, climbing to a daily high of 0.7469 in recent dealings. At time of writing, the pair is trading at 0.7449, virtually unchanged on the day.

    AUD/USD levels to watch

    In terms of technical levels, next resistances are seen at 0.7484 (Mar 7 high), 0.7532 (Jul 6 2015 high) and 0.7648 (Jul 3 2015 high). On the flip side, supports could be found at 0.7392 (Mar 8 low), 0.7339 (Mar 4 low) and 0.7253 (200-day SMA).
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