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AUD/USD dips below 0.7200, tests support at 100-day SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Australian dollar has deepened losses versus a stronger greenback, with AUD/USD sliding below the 0.72 mark, also weighed by renewed softness in the commodity complex.

    AUD/USD has continued to back away from the 0.7385 zone, where it printed a 3 ½-month high on Friday, with commodity currencies underperforming for second day in a row. AUD/USD briefly dropped below 0.7200 and bottomed out at 0.7195, but found support just ahead of the 100-day SMA. At time of writing, the aussie is trading at 0.7202, recording a 0.88% loss on the day.

    In the absence of major economic indicators scheduled to be released for the rest of the session, market focus will remain in on whether oil slump will continue, which could underpin the greenback.

    AUD/USD levels to watch

    In terms of technical levels, immediate support lies at 0.7192 (100-day SMA) followed by 0.7170 (Nov 30 low) and 0.7158 (Nov 23 low). On the flip side, resistances could be faced at 0.7266 (10-day SMA), 0.7340 (Dec 7 high) and then 0.7385 (Dec 4 high).
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