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AUD/USD bids target the 1hr 200 SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7244 with a high of 0.7248 and a low of 0.7207.

    AUD/USD has started to recover through the 20 SMA at 0.7239 and stands to target the 200 SMA on the same time frame of the hourly chart. There is little follow through given the illiquidity of the market at the start of a quiet week in Asia, but that is all about to change as full markets spring into action ahead of the RBNZ, Aussie CPI's, FOMC and various key data impacts on a critical week ahead.

    AUD/USD levels

    Technically, the 200 SMA on the hourly sticks stands at 0.7259 currently and that would attract further bids to challenge the closing highs of last week at 0.7295. A cent higher has the 0.7385 Fibo retracement that guards the 0.7367 2014-2015 downtrend and the August high at 0.7439. The psychological 0.7200 level is first stop before the 0.7180 support. Any daily closes below here opens the 0.7000 target.
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