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AUD/USD extends gains, 0.7280 new high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Bali) - AUD/USD has retained its bid tone in Europe amidst a demand environment for equities and commodity prices, with the rate just making a new day high of 0.7280, a 100% projection line from the early Asian rally off 0.7244 up to 0.7260.

    Valeria Bednarik, Chief Analyst at FXStreet, notes: "echnically, and in the 4 hours chart, the upside is still favored given that the price is holding above 0.7240 a strong static support level, and above the 200 EMA, this last offering a dynamic support around 0.7200. In the same chart, the Momentum indicator stands path around its 100 level, while the RSI indicator heads lower around 53, all of which maintains the downside limited at the time being."
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