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AUD/USD bulls catch a break from big supply in USD

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7167 with a high of 0.7189 and a low of 0.7002.

    AUD/USD rallied on a US dollar sell-off and reclaimed territory on the 0.71 handle and through the 0.7080 resistance to score a high of 0.7189. There has been little in the way of supply as of yet although the major commodity currency in well into overbought grounds. Else where, oil made a strong come back and WTI was up $2.42 at over $32n bbls. However, there were no clear answers for the dollar's gigantic supply. ISM data was not helping, with non-manufacturing PMI falling to 53.5 from December's 55.3.

    We are light on data for today, but casting minds back, the RBA signalled that they are on standby while monitoring the global picture and how the Australian economy is faring up. The sessions ahead will now be followed by the nonfarm payrolls data on Friday while overnight in the US shift, the ADP survey resulted with 205K new jobs in January and beat expectations of 195K.

    AUD/USD levels

    Technically, we are at the 2014-16 downtrend and oscillating at a tough resistance ahead having burst through the daily 55 sma. Daily RSI is now above 70 and oversold at 71.50 and if profits are claimed, 0.7120 comes into picture for a period of consolidation. Further advances targets a break of S3 at 0.7196 and December highs at 0.7385.
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