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AUD/USD bulls rejected at 1hr200 SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7245 with a high of 0.7253 and a low of 0.7235.

    AUD/USD has been on the bid for the most part with the consolidation taking fold as market get prepared for Aussie CPI's tipped to be bullish and the FOMC, tipped to be dovish. China cutting interest rates helped a little last week, but was short lived, albeit underlyingly helpful to the bulls case.The key data is the CPI's this week, this might show the trimmed mean CPI rise to 2.5% y/y from 2.2% and that is offering some support to AUD/USD as well.

    AUD/USD levels

    Technically, the 200 SMA on the 1hr sticks is key if the bulls are to gather traction and head towards the 0.73 handle. On the 0.73 handle, the key target would be the 0.7385 Fibo retracement that is guarding the 0.7367 2014-2015 downtrend and the August high at 0.7439.

    On the flip side, the psychological 0.7200 level could be a tough area of support ahead of the 0.7180/90 breakout point. Below there targets key psychological support of 0.7000.
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