AUD/USD finds good support ahead of 0.7300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The AUD/USD pair halted its downside momentum in early Europe, having caught fresh bid-wave just above 0.73 handle.

    AUD/USD: reverts to hourly 10-SMA

    Currently, the AUD/USD pair trades -0.08% lower at 0.7317recovering from fresh session lows struck at 0.7305 in last hours. The Aussie trims losses, although remains pressured amid renewed buying interest seen around the US dollar on expectations of stronger ADP jobs report due to be published later today. Also, Fed Yellen’s comments will be closely heard for fresh cues on the US interest rates outlook.

    Earlier in Asia, the pair kept losses and remained indifferent to the better than expected Australia’s Q3 GDP data, which showed that the economy grew 0.9% q/q against 0.8% rise expected. Moreover, RBA Governor Stevens favourable stance on the economic outlook and AUD levels also failed to lift the sentiment around the Aussie.

    AUD/USD Levels to watch

    The pair trades above 0.73 handle with the immediate resistance seen at 0.7365/66 (Oct 13 & 15 High), above which gains could be extended to the next hurdle located at 0.7418 (200-DMA). On the flip side, the immediate support is seen at 0.7270 (1h 50-SMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7249 (5-DMA).
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