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AUD/USD back onto 0.72 territory ahead of FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD has recovered from the lows scored overnight through and below the 200 SMA at 0.7190.

    The US dollar rose hard in NY trade on the back of positioning ahead of a possible Fed hike tomorrow of which foundations were put down on the US CPI's. Sean Callow, analyst at Westpac explained that AUD losses were despite RBA Governor Stevens, in an AFR interview, sounding upbeat on the economy and downplaying the need for more easing. "He did note though that the AUD could at some point respond to the large commodity price falls. Spot iron ore rose 0.8% to $39.36/tonne while a crude oil rally largely unwound."

    AUD/USD levels

    Technically, the 1hr 200 SMA at 0.7254 is a strong level of key resistance where price failed overnight. We are at a strong level of support established in mid Nov located where the 200 SMA is on the 4hr chart at 0.7190 until 0.7181 (S3). The low has been 0.7161 overnight and price is now attempting territory back on the 0.72 handle on a minor recovery. R! is 0.7241 ahead of R2 at 0.7269 and R3 at 0.7277.
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