AUD/USD backed off from session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The broad based USD sell-off helped the AUD/USD pair clock a session high of 0.7349, before falling back to 0.7325 levels.

    Eyes US data

    The pair is now eyeing US data – weekly jobless claims and US ISM non-manufacturing. Traders would be interested to see if the non-manufacturing employment continued to grow a solid rate in November. The ADP report released yesterday did show a healthy jump in service sector employment.

    Later the day, Yellen’s could throw a light on why she things liftoff is desirable now. Hawkish comments could trigger another leg upwards in the USD.

    AUD/USD Technical Levels

    The immediate resistance is seen at 0.7343 (previous day’s high), above which the gains could be extended to 0.7382 (Oct 12 high)-0.74 levels. On the other hand, a break below 0.7306 (100% Fib expansion of Sep 7 low-Sep 18 high-Sep 29 low) would expose 0.7283 (Nov 25 high) and 0.7254 (5-DMA).
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