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AUD/USD challenges highs at 0.7000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Commodity currencies are outperforming on Tuesday, with AUD/USD climbing to retest the 0.7000 psychological level as investors’ sentiment improved following rebounds in oil prices.

    AUD/USD picked up momentum early during the New York session and climbed to a high of 0.7000 and it continues to challenge the psychological level, currently trading at 0.6996, up 0.62% on the day.

    In the absence of top-tier data or events, FX pairs continue to take cues from related markets, with oil’s prices among main drivers.

    From a wider view, however, AUD/USD remains near multi-year lows scored earlier this month, having lost nearly 500 pips before finding an interim bottom at 0.6826.

    AUD/USD technical levels

    In terms of technical levels, AUD/USD could find immediate resistances are seen at 0.7030/33 (Jan 25 high/20-day SMA), 0.7045 (Jan 22 high) and 0.7085 (Jan 7 high). On the other hand, supports are seen at 0.6918 (Jan 26 low), 0.6875 (Jan 21 low) and 0.6826 (7-year low, Jan 15).
    For more information, read our latest forex news.
     

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