AUD/USD: breaking up on to the 0.73 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD has been better bid this week and continues to recover from 0.7096 and has just recently scored a position on the 0.73 handle. There was a better risk appetite today in Europe and oil is back off the lows in the US session.

    However, we have been here before and technically, the Aussie bulls are not out of the woods yet. In the meantime, we are awaiting 2016 to kick off and the RBA's next meeting on in February. Data between now and now will be key as will the FOMC minutes and tone of Fed speakers in Q1 in respect to the timings of the next rate hike and how gradual they might arrive in 2016 and 2017.

    AUD/USD levels

    Technically, AUD/USD has made a break to the upside from the cluster of daily MA's with last strop being the vicinity of the 20 DMA at 0.7244 as support. The price still needs to achieve the 200 DMA to offer a convincing correction with closes on an intraday basis to confirm. To the downside, below the 3-month uptrend at 0.7086, level wise, the 0.7017 November low and the September low is at 0.6940.
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