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AUD/USD: Bulls take a breather, capped below 0.72

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - AUD/USD took a breather from the massive upsurge seen on Thursday, and corrected lower below 0.72 handle in the early Asian morning.

    AUD/USD drops to 1h 20-SMA

    Currently, the AUD/USD pair trades modestly flat at 0.7189, struggling to regain 0.72 handle. The AUD/USD pair is currently seen posting minor losses as the greenback appears to regain lost footing and jumps higher across the board, restricting the upside in the Aussie.

    On Thursday, AUD/USD soared to fresh two week highs above 0.72 barrier as the traders resorted to profit-taking following last week’s extensive US dollar rally triggered by increased December rate hike bets.

    Nothing of relevance for the AUD today, therefore, focus now shifts towards Monday’s US economic data and the Fed announcement.

    AUD/USD Levels to watch

    The pair has an immediate resistance at 0.7215 (Nov 19 High), above which gains could be extended to 0.7238 (daily R1) levels. On the flip side, support is seen at 0.7182/78 (1h 20-SMA/ 100-DMA) from here it to 0.7150 (50-DMA).
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