AUD/USD below 200 1hr SMA and heavy

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is trading with a heavy bias while the recent gain post the RBA minutes were short-lived and the greenback gets back in the driving seat ahead of today's FOMC minutes.

    The RBA has left the door open to rate cuts on the back of the weaker than expected Q3 CPI report, but is unlikely to move on the back of the robustness in the jobs data and recent data flows. Meanwhile, the market will be scrutinising today's FOMC minutes for any hint of timings of a rate hike and such sentiment keeps the US dollar underpinned.

    AUD/USD levels

    Technically, the range remains between 0.7000 and 0.7220 on the wide. However, pressures favour the downside while price changes hands below the 0.7298/0.7385 Fibo retracement levels. Near term, the 200 SMA on the hourly has been broken at 0.7087 although 0.7016/60 remains key supporting area that guards territory to 0.6907 August lows.
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