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AUD/USD consolidates at highs as advance loses momentum

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD extended gains to a fresh 7-week high, but the advance was moderate as appetite for risk lost some momentum on Tuesday.

    However, the Aussie managed to shrugged-off the negative sentiment surrounding equities and rose for second day in a row versus the greenback toward a high of 0.7258, stalling a few pips shy of its 200-day SMA. At time of writing, the pair is trading at 0.7238, recording a 0.17% gain on the day.

    AUD/USD levels to watch

    As for technical levels, AUD/USD could find next resistances at 0.7258 (Feb 23 high), 0.7280 (200-day SMA) and 0.7300 (Jan 4 high/psychological level). On the other hand, supports could are seen at 0.7150 (100-day SMA), 0.7121 (20-day SMA) and 0.7104/00 (50-day SMA/psychological level).
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