AUD/USD: capped on the 0.73 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD has been capped on the recovery at new highs since 10th Dec as we draw towards a close for the year.

    AUD/USD been better bid this week and continues to recover from 0.7096 and has just recently scored a position on the 0.73 handle, but this is proving too much of a task currently in the absence of volume. There was a better risk appetite today in Europe and oil is back off the lows in the US session but technically it is in a bullish position with the break of Dec's descending resistance.

    In the meantime, we are awaiting 2016 to reveal the RBA's next move at their meeting in February. Data between now is important and so will Fed speakers in Q1 as we try to gauge the timings of the next rate hike and how gradual they might arrive in 2016 and 2017.

    AUD/USD levels

    Technically, the 20 DMA comes at 0.7244 as a support after the pivot of 0.7263. On the upside, the price still needs to achieve the 200 DMA to offer a convincing correction with closes on an intraday basis to confirm. To the downside, below the 3-month uptrend at 0.7086, level wise, the 0.7017 November low and the September low is at 0.6940.
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