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AUD/USD consolidates supply, supported at 100 4hr sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD has been sold off on broad based dollar strength with oil as the catalyst, declining once again after an initial bid on the OPEC news that was misinterpreted yesterday.

    Meanwhile, the minutes were not revealing anything new form the RBA yesterday, although there was some extra air of caution in respect to inflation that initially had the Aussie under pressure before it was able to gather a bid on the basis that Stevens was happy with the value of the Aussie supporting a recovery in Australia. There is very little today on the calendar while we await tomorrow's highlight for the week in the Aussie jobs data.

    AUD/USD levels

    Technically, AUD/USD has been attempting the upside in a recovery of the 2016 sell-off, but finding tough terrain on the 0.72 handle with strong offers through 0.7020. The 4hr 50 sma is offering support vs the offer on recent sticks on the same time frame from 0.7180 as is the 20 sma on the same time frame located at 0.7088 and almost a cent lower.

    We are trading below the pivot at time of writing at 0.7138 ahead of S1 at 0.7102 and S2 at 0.7066 before S3 at 0.7030. To the upside, R1 is located at 0.7174 and R2 at 0.7210 guarding R3 at 0.7246.
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