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AUD/USD finds support after hitting 3-day lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Australian dollar managed to recover slightly from lows after falling more than 80 pips throughout the day, dragged lower by weaker commodities and the risk aversion environment.

    AUD/USD reached a daily high of 0.7128 as the knee-jerk reaction to the Reserve Bank of Australia decision to leave the cash rate at the record low of 2.0%, as widely expected. However, the pair lost altitude and slid all the way to 0.7039, hitting a 3-day low before finding support.

    AUD/USD technical levels

    At time of writing, AUD/USD is trading at 0.7052, still down 0.80% on the day, with immediate supports seen at 0.7021 (10-day SMA), 0.6990 (20-day SMA/Jan 27 low) and 0.6918 (Jan 26 low). On the other hand, resistances are seen at 0.7128 (Feb 2 high), 0.7143 (100-day SMA) and 0.7170 (Jan 6 high).
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