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AUD/USD: bulls testing bears commitments at 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD bulls are attempting the 0.71 handle with some positive news out of the Australian economy.

    The price has been in a subdued range overnight rising 30 pips in recovery on month end flows after the hawkish FOMC this week. We had the private sector credit m/m 0.8% vs 0.5% and expected and also the PPI's Q3 coming beating expectations as well.

    This was an exaggerated move as bulls take advantage of the upside for a test of the 0.71 handle after the US core PCE came in at 1.3% vs 1.4% expected and GDP Q3 missed expectations at 1.5% coming in at 1.2% and left the greenback slightly offered.

    AUD/USD levels

    Technically, a break of 0.7100 exposes 0.7160 highs of yesterday while 0.7050/80 area of support is playing its role ahead of 0.7000/00 that guards the September lows at 0.6940 ahead of 0.6900. Again, the 0.7385 Fibo retracement level keeps the downward pressures on in the broader trend. Upside levels target 0.7162 and 0.7211 the pivot.
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