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AUD/USD consolidating above 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Aussie dollar remains the best G10 performer on Thursday, lifting AUD/USD to the vicinity of 0.7160 although surrendering some ground afterwards.

    AUD/USD boosted by data

    Spot has managed to break above the overnight consolidative pattern around 0.7060, climbing a cent following the stellar report from the Australian labour market during October, where the unemployment rate ticked lower to 5.9% and the employment has increased by nearly 60K.

    However, the sustainability of the current correction higher will remain under scrutiny, in light of the broader picture of the RBA monetary policy stance, the potential slowdown in the Chinese economy and the persistent weakness surrounding the commodity universe.

    AUD/USD levels to consider

    As of writing the pair is up 1.06% at 0.7136 facing the next up barrier at 0.7199 (50% Fibo of 0.7386-0.7012) ahead of 0.7237 (100-day sma) and finally 0.7386 (monthly tops Oct.12). On the other hand, a breach of 0.7009 (2-month uptrend) would aim for 0.6934 (low Sep.29) and then 0.6893 (2015 low Sep.7).
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