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AUD/USD fades the stab to 0.7170

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Aussie dollar is trading on a firmer fashion vs. the greenback today, lifting AUD/USD to session highs near 0.7170 albeit losing momentum afterwards.

    AUD/USD stronger ahead of RBA

    A generalized better tone in the metals’ space is lending some support to AUD, while crude oil prices have reverted the negative start, helping sentiment amongst riskier assets. Bulls, however, remain unable to break above the 0.7170 area for the time being, or session tops.

    Ahead in the session, US Chicago PMI and Pending Home Sales are only due in the NA session, while the RBA is expected to keep its monetary stance unchanged at tomorrow’s meeting.

    AUD/USD levels to watch

    At the moment the pair is up 0.27% at 0.7150 facing the next hurdle at 0.7246 (high Feb.4) followed by 0.7258 (200-day sma) and then 0.7388 (monthly high Dec.4 2015). On the flip side, a break below 0.7000 (psychological level) would aim for 0.6971 (low Feb.9) and finally 0.6916 (low Jan.26).
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