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AUD/USD contained by 1hr 100 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD is currently trading at 0.7077 with a high of 0.7125 and a low of 0.7037.

    AUD/USD rallied to the 0.72 handle this month, but has since been unconvincing on the bid. The major has moved into a sideways pattern albeit within a wide range in Feb. The market is volatile and the antipodeans are subject to fluctuations in the commodity sector and the price in the greenback.

    Yellen, same story and optimistic


    We were looking for some conviction from Yellen, but that failed to be delivered, although she was sticking to the same script. Despite pressures and tough questions about the economy's performance, Yellen explained that labor and the congress's maximum objective is being achieved, that the FOMC are committed to making sure that there is further improvement in the labor market and with their commitment to the 2% inflation target, rates will be raised gradually. Tomorrow we will have RBA's Stevens testifying.

    AUD/USD levels


    Technically, the price is contained by the 50 dma at 0.7124 today and below the range lies the 20 dma at 0.7023. The pivot is 0.7046 with R1 at 0.7118, R2 at 0.7169 and R3 at 0.7241. To the downside, S1 is at 0.6995, S2 is at 0.6923 and S3 at 0.6872. The 2016 lows are at 0.6825 and the recovery has not been full, topping at 0.7242 before this year's opening high of 0.7301.
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