AUD/USD: Bulls struggling to extend gains above 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The AUD bulls are struggling hard to fight back control in mid-Asia, oscillating back and forth in a narrow range amid holiday-thinned trades.

    AUD/USD clinging to 5-DMA support

    Currently, the AUD/USD pair gains 0.05% to 0.7270, easing-off session highs reached at 0.7282 at Tokyo start. The Aussie attempts a minor pullback from Friday’s lows and remains supported above 5-DMA at 0.7262 amid lack of fresh fundamentals triggers as the Australian markets remain closed on account of Box Day holiday.

    Later this week, nothing relevant for the AUD is expected to be reported while most traders are away on an extended Christmas-New Year holidays, with liquidity expected to return next Monday. While the focus now remains on the sentiment on the global equities and commodities’ prices for further momentum on the pair.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7300 (round number) above which gains could be extended to the next hurdle located at 0.7352 (200-DMA). On the flip side, the immediate support is located at 0.7248 (1h 50-SMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7228/20 (20 & 10-DMA).
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