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AUD/USD consolidated awaiting key Chinese catalyst

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is consolidated in quiet and end of year markets at the highs made from last week on the back of a recovery in metals and commodity markets.

    Australia was out yesterday and there are only a small handful of data releases until markets return, most notable being Chinese non-manufacturing and NBS manufacturing PMI's for December. Focus will then return to the Fed and RBA with the FOMC minutes up first and the RBA in February.

    AUD/USD levels

    Technically, AUD/USD is capped after breaking the 100 SMA on the 4hr chart at 0.7232 today. To the downside, the key support might be located at the 200 SMA on the same time frame at 0.7211 where the 18th Dec resistance was located prior. Intraday rallies will look to test 0.7285 strong resistance. 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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