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AUD/USD: bulls looking for break/closes above 0.7160

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7113 with a high of 0.7140 and a low of 0.7072.

    AUD/USD recovered back onto the 0.71 handle, but trades with a neutral theme as we move over into Asia while despite them being up-beat, the RBA minutes were a lack of a catalyst and markets remain nervous ahead of the FOMC minutes this week, the FOMC meeting next month, continued uncertainty in respect of the terrorism and a war on Syria and subsequent ramifications for Global markets.

    The RBA is unlikely to do any easing for Dec nor Feb offering some support to the Aussie while the greenback could otherwise lead the show depending on the outcome of the December meeting and the markets take on 2016's outlook.

    However, the undertone in the Aussie economy remains relatively positive while the jobs markets supports growth prospects, where in the minutes in respect to jobs it read, "Employment growth had been stronger than expected over 2015 and this had been accompanied by a noticeable increase in the participation rate. Employment growth had been concentrated in the household and business services sectors. Measures of job vacancies and advertisements pointed to continued growth in employment in the months ahead."

    AUD/USD levels

    Technically, AUD/USD remains in a bearish trend while below the 0.7298/0.7385 Fibo retracement levels. 0.7169 and 6th Nov highs are the first targets ahead of the 0.7225 3rd Nov highs. 0.7016/60 remains key support that guards territory to 0.6907 August lows below.
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