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AUD/USD downside open below 20 4hr SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7228 with a high of 0.7269 and a low of 0.7210.

    AUD/USD is currently trading in a tight range in thin liquidity with the US players out for Turkey lunch over the Thanksgiving break and the price remains in the lower end of the range after pressures from overnight business with the Capex shocker headline left the bulls out to dry off and compromised all the hard work from the start of the week.

    The RBA are however unlikely to change their view-point on the economy on one data event alone and are sighted to stay on hold until at least the February meeting while the 100 SMA on the hourly chart today supports the downside pressures.

    AUD/USD levels

    Technically, the price remains in a bullish formation above the 200 SMA on the hourly sticks and in recovery of the Nov lows down at 0.7012. The October highs are the key target on the 0.73 handle although the break of the 20 SMA on the 4hr chart exposes risks to the downside revealing 0.7180 as key near term support.

    Meanwhile, analysts at Westpac Banking Corporation are now looking for 0.7100 in the near term with price having already made 1 month highs even as iron ore printed post-GFC lows. See here for their outlook.
    For more information, read our latest forex news.
     

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