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AUD/USD fails to sustain gains, back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - AUD/USD was rejected from session highs and erased daily gains to trade nearly flat on the day.

    AUD/USD recovered from a low of 0.7125 and reached a session high of 0.7169 as the greenback softened following the release of disappointing US data. However, the Aussie failed to sustain gains and fell back to square one. At time of writing, AUD/USD was trading at 0.7150.

    FX market will likely enter a consolidation phase over the next hours as investors await the US nonfarm payrolls report due tomorrow.

    AUD/USD technical levels

    In terms of technical levels, next resistances could be faced at 0.7169 (Nov 5 high), 0.7223 (Nov 4 high/21-day SMA) and 0.7295 (Oct 23 high). On the other hand, supports are seen at 0.7125 (Nov 5 low), 0.7065 (Oct 6 & 30 low), 0.7042 (Oct 5 low) and then the 0.7000 area (psychological level/Oct 1 & 2 lows).
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