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AUD/USD Bulls back in control, regains 0.70 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The AUD/USD pair halted its corrective mode and jumped back into the bids, now extending the recent bullish run back onto 0.70 handle.

    AUD/USD reverts to daily highs

    Currently, the AUD/USD pair trades 0.15% higher at 0.7010, having found fresh bids near 0.6985 region. The AUD/USD pair resumes its upbeat momentum and gathers pace for the next leg higher, given the solid bounce in the Asian stocks, which triggered a renewed risk-on wave into markets. Japan’s Nikkei jumps over 5% as markets cheer more BOJ easing bets as early as next week. While the ASX 200 closed up +1%.

    While oil prices also appear to have regained lost momentum and now head towards $ 30 mark, after a brief halt seen earlier this session. Meanwhile the Aussie extends in winning streak into a fourth day today, heading for a retest of fresh one-week highs reached at 0.7021 at Tokyo open.

    AUD/USD Levels to watch

    The pair heads higher and finds the immediate resistance at 0.7027 (20-DMA) above which gains could be extended to the next hurdle located at 0.7050 (Jan 13 High/ psychological levels). On the flip side, the immediate support located at 0.6986/77 (Daily Low/ 1h 20-SMA) Selling pressure is likely to intensify below the last, dragging the Aussie to 0.6936/23 (10-DMA/ 1h 50-SMA).
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