AUD/USD: bullish run complete ahead of Dec data?

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USDstrong>> is currently trading at 0.7231 with a high of 0.7262 and a low of 0.7210.

    AUD/USD is a quiet play with the US desks away for Thanksgiving holidays and is likely to remain so until next week's data now that we have a clear calendar for the pair until the close in the US tomorrow.

    The recent bullish case for the Aussie has started to deteriorate and those who were awaiting levels to sell might be looking to get onboard before the long awaited Nonfarm Payrolls in the first week of December could possible be the nail on the coffin as far as the FOMC is concerned in respect of timings of a rate hike at this FOMC meeting around.

    AUD/USD levels

    Technically, a break of the 100 1hr SMA to the downside could trigger a sell-off to the 200 SMA on the same time frames with an ultimate objective of 0.7012 and Nov lows. The 20 SMA on the 4hr chart meets current levels and a break there also exposes risks to the downside revealing 0.7180 as key near term support.
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