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AUD/USD bears loosen grip, recovers to 0.73

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The AUD/USD pair trims losses and attempts to regain the 0.73 barrier, after witnessing a renewed sell-off in the Asian session.

    AUD/USD bounces-off 100-DMA

    Currently, the AUD/USD pair trades 0.48% lower at 0.7294, recovering from a dip to 0.7276 lows. The Aussie halted its downslide at the 100-DMA and rebounded higher towards 0.73 handle this session as the improving risk-appetite continue to cushion the downside.

    The AUD/USD pair failed to resist the 0.73 threshold and accelerated losses below the last in Asia, as the latest RBA's Financial Stability Review signalled that the country’s housing and mortgage markets are exposed to downside risks.

    Moreover, the recent series of dismal Australian fundamentals, including the latest jobs report, have added to the growing speculations of a RBA rate cut as early as next month, thus dragging the Aussie lower.

    Meanwhile, the pair will be influenced by the broader market sentiment in the day ahead with the US macro data awaited for fresh moves.

    AUD/USD Levels to watch

    The pair has an immediate resistance at 0.7308/13 (H1 R3 & 20-SMA) levels, above which gains could be extended to 0.7376/85 (Daily R1 & Oct 12 High) levels. On the flip side, support is seen at 0.7276 (Daily Low & 100-DMA) levels from here it to 0.7239 (Oct 13 Low).
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