AUD/USD down to test strong level of support

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD continues on its southerly journey and now testing the 0.72 handle having been as low 0.7186. AUD/USD was offered from above the 0.73 handle with a wash out of longs in the commodity sector on OPEC with new lows in Brent below $40 and WTI testing $36bbl.

    At the same time, China continues to weigh on the downside in the Aussie with a trade surplus that isn't going away and exports very problematic yet again. Business confidence was a short-lived positive in Asia for the Australian dollar in the market. All eyes area moving over to the Aussie jobs data tomorrow and CPI's tonight from China.

    AUD/USD levels

    Technically, AUD/USD is now testing the 100 DMA at 0.7191 with the low scored at 0.7186 already. This could be a strong area of support as the 4hr 200 SMA gathers at 0.7179 also. However, there is a bearish bias at this juncture given the cross over below the 4hr 100 SMA at 0.7227. 0.7180 is also the point at which the price rallied in late November trade to recent highs.
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