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AUD/USD: Bulls conquer hourly 200-SMA, what next?

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The Australian dollar witnessed a fresh bout of buying interest versus its American counterpart in the mid-Asian trades, with AUD/USD finally breaking through the 200-SMA on hourly sticks and beyond.

    AUD/USD accelerates to the upside from 0.7240 levels

    Currently, the AUD/USD pair trades 0.51% higher at fresh session highs of 0.7265, extending gains beyond 100-DMA & 10-DMA confluence located near 0.7245 region. The AUD/USD pair gathered significant strength mainly driven by the fresh sell-off in the US dollar against its major peers. The USD index now drops -0.18% to 97.00.

    Adding to this, the improving appetite for riskier assets on the Asian stocks rally, backed by additional liquidity flown into markets following China’s latest stimulus measures announced last Friday, also continues to boost the Aussie.

    Looking ahead, the pair will remain influenced by the USD moves ahead of US new home sales data due later today. While the main risk events for the Aussie remains Wednesday’s Aus CPI figures and the key FOMC statement.

    AUD/USD Levels to watch

    The pair has an immediate resistance at 0.7279 (Oct 21 High), above which gains could be extended to 0.7300 (Oct 20 High + round number) levels. On the flip side, support is seen at 0.7218/19 (Daily Pivot + Today’s Low) from here it to 0.7180 (Oct 22 Low).
    For more information, read our latest forex news.
     

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