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AUD/USD clinches highs above 0.6900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Aussie dollar is now picking up pace vs. the greenback, sending AUD/USD to the upper bound of the range beyond the 0.6900 mark.

    AUD/USD boosted by risk

    After a brief test of the 0.6840 area in the wake of Chinese GDP results, the pair has sparked a quick correction higher through the 0.6900 critical barrier boosted by a change in sentiment towards the riskier assets.

    In the meantime, spot has managed to leave the area of multi-year lows and is looking to consolidate the breakout of the 0.6900 handle, amidst an empty docket in Oz and with China always in the cross hairs. On the USD-side, the NAHB index and TIC flows are only due later.

    AUD/USD key levels

    At the moment the pair is advancing 0.75% at 0.6913 and a breakout of 0.7050 (high Jan.12) would aim for 0.7088 (20-day sma) and then 0.7156 (55-day sma). On the flip side, the next support is located at 0.6824 (low Jan.15) followed by 0.6283 (monthly low Feb.2009) and finally 0.6245 (monthly low Jan.2009).
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