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AUD/USD clears major resistance area, nears 0.7200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD continued to trend higher during the American afternoon, breaking above the 100-day SMA among other key resistance levels, as the greenback’s sell-off intensified.

    There were no clear catalysts for the slump witnessed in the US dollar, although dovish comments from Fed’s Dudley ignited the downward move at the beginning of the New York session.

    AUD/USD has climbed more than 150 pips and broke above last week’s highs to reach a peak of 0.7186, last seen on January 4th. At time of writing, the pair is trading at 0.7180, recording a 2.05% daily gain.

    The Australian dollar has been on recovery mode from a multi-year low scored mid-January at 0.6826. Next major level on the upside could be found at 0.7280, which is the 2016 starting point.

    AUD/USD levels to watch


    Above 0.7280, other resistances are seen at 0.7303 (Dec 31 high) and 0.7337 (200-day SMA). Meanwhile, immediate supports could be found at 0.7140 (100-day SMA), 0.7002/00 (Feb 3 low/psychological level) and 0.6918 (Jan 26 low).
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