AUD/USD: Bulls in a mission to keep 0.70 handle

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Bali) - AUD/USD has been climbing steadily since the start of business in the last US session, with Asian traders tracking the positive sentiment, as price reaches levels as high as 0.7020 amid an improved risk environment, with commodities and equities on the rise.

    AUD intrinsic adjusted higher

    At the start of trading in Asia, copper and Iron ore (key drivers for Aussie) are hanging on recent gains, so is Oil, last exchanging hands just below the $30 handle. As per equities, the ASX 200 is up by 0.83%, while the Nikkei 225 is surging by more than 3% at the open.

    AUD/USD technicals

    Technically, from a H4 perspective, Valeria Bednarik, Chief Analyst at FXStreet, notes: "A double bottom around 0.6825 has been confirmed, given that the price is now above the neckline of the figure at 0.6960, now a key support. In the same chart, the 20 SMA is turning higher well below the current price, while the Momentum indicator holds above its 100 level, and the RSI indicator heads north around 61, supporting a continued advance, on renewed strength above the 0.7000 figure."
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