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AUD/USD bounces-off 100-DMA, flirts with 0.7200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The Aussie ticked higher in the European trades, reversing three back-of-back sessions of losses seen last week.

    AUD/USD halts a 3-day decline

    Currently, the AUD/USD pair trades 0.15% higher at 0.7201, reverting to session highs posted at 0.7208 last hours. The Australian dollar rebounded versus its US counterpart this session on the back of profit-taking ahead of Tuesday’s RBA rate decision. While favourable risk-sentiment amid rally in European stocks also boosted the demand for higher-yielding currencies such as the AUD.

    However, further upside looks uncertain as the greenback continues to trade firmer across the board. Also, lower gold and oil prices are also likely to keep a lid on the prices. Oil trades in the red ahead of Dec 4 OPEC meeting while gold prices hover around $ 1055, within a striking distance of five-year lows.

    Meanwhile, markets also remain cautious ahead of the Chinese manufacturing surveys and Australia’s current account and building approvals data due tomorrow.

    AUD/USD Levels to watch

    The pair has an immediate resistance at 0.7225 (1h 100-SMA/ daily high), above which gains could be extended to 0.7286 (Nov 25 High) levels. On the flip side, support is seen at 0.7170 (100-DMA) from here it to 0.7151 (20-DMA).
    For more information, read our latest forex news.
     

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