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AUD/USD: consolidating at key support, 4hr 200 SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7190 with a high of 0.7283 and a low of 0.7160.

    AUD/USD has recovered 20 pips or so on the strong level support mentioned earlier and described below, despite the string sell-off when the Aussie succumbed to the pressures ahead of the FOMC tomorrow and while the greenback has been gathering momentum on the latest CPI measures giving the Fed a platform for lift-off tomorrow vs the RBA who are content.

    Looking at other potential drivers in the commodity sector, Oil has recovered well, but metals are very bearish with copper making lows of 2.0470, stabilized at time of writing on 2.0500. Gold is a chop of $8.00 consolidating the supply from $1,079.

    AUD/USD levels

    Technically, AUD/USD recovery from current levels this week was short -lived and was unable to penetrate and close through the 1hr 200 SMA at 0.7260 today. The price has dropped away from the cluster of MA's at 0.7220 and has been testing a strong level of support established in mid Nov located where the 200 SMA is on the 4hr chart at 0.7190 until 0.7160 (S3). The low has been 0.7161 and price is looking for territory back on the 0.72 handle, but lacks conviction and could be entering a period of consolidation now, back at this critical level again.

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