AUD/USD bulls through the 1hr 200 SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is consolidating in a relatively tight range around the 0.71 handle with a bearish bias, although breaking up through the 200 SMA on the hourly chart today.

    The minutes overnight were upbeat and puts Dec out of the question and Feb comes as the next meeting to watch for, however, judging by the tone of the RBA, that too is an unlikely date where the RBA will cut rates unless there is a considerable deterioration in the local economy. From the US, CPI's were higher Y/Y by 0.1% although IP was a miss by the same margin to the downside.

    AUD/USD levels

    Technically, AUD/USD has breached the 200 SMA at 0.7093, but while below the wider 0.7298/0.7385 Fibo retracement levels there remains a bearish bias. 0.7169 6th and Nov highs are the first target ahead of the 0.7225 3rd Nov highs. A break of 0.7060 to the downside however opens 0.6907 August lows below 0.7016.
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