AUD/USD: consolidating at key 100 dma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD is currently trading at 0.7148 with a high of 0.7186 and a low of 0.7132.

    AUD/USD has been trading in a narrower range of late, lacking new impetus to generate interest one way or the other to any significant degree. The RBA minutes failed to offer anything substantially different to what markets have already gathered from Stevens rhetoric.

    The jobs data snapped 2015's constant upside surprises disappointing yesterday, but failed to knock the Aussie down for any significant time before demand from post data lows of 0.6973 took the pair back to 0.7084 the high.

    AUD/USD levels

    AUD/USD penetrated the 100 dma on the hourly chart in large reversal of the 2016 downtrend, but remains in bearish territory until a break of the 200 dma at 0.7291 where demand could support the case for a correction of the September 2015 sell off from the 0.94 handle, targeting 0.7256 and 0.7439 10th August and channel high. To the downside, and below spot/pivot 0.7150, S2 is located at 0.7046 and S3 at 0.7008.
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