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AUD/USD bears denying the bulls in bullish territory

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD is currently offered as the Asian shift puts on full throttle.

    The bears challenged the bulls at the 20 SMA on the hourly and are now down to test commitments at the 50 SMA on the same time frame at 0.7294 currently.

    AUD/USD has been a mixed bag of sentiment, with arguments either side, making a market of course, but in recent days, there has been a good deal of noise, from Westpac and speculation that the RBA will cut rates as soon as November on back of their move, China coming back into central focus and mixed data releases, jobs data mixed and then of course the ongoing sentiment around the FOMC put into the mix.

    AUD/USD levels

    The upside is still in favour with support along the 200 SMA on the hourly time frame as the 20 DMA approaches the 55 DMA offering a bullish foundation as well. RSI (14) on the daily still has some to go before overbought readings as well. Targets are the 0.7385 Fibo retracement.

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