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AUD/USD finds support at 100-day SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/USD extended its pullback from 7-week highs on Wednesday and remains on the defensive amid risk aversion and a stronger greenback. In addition, the latest string of Australian economic data disappointed markets, which further collaborated to the weakness in the pair.

    AUD/USD lost more than half a cent throughout the day and bottomed out at 0.7151 before finding support at the 100-day SMA ahead of the Wall Street opening. At time of writing, the pair is trading at 0.7167, recording a 0.46% loss on the day.

    next on tap, the US reports February Markit services and composite PMI, and January new home sales.

    AUD/USD levels to watch

    As for technical levels, AUD/USD could find next supports at 0.7150 (100-day SMA), 0.7125 (20-day SMA) and 0.7102/00 (50-day SMA/psychological level). On the other hand, resistances are seen at 0.7210 (Feb 24 high), 0.7258 (Feb 23 high) and 0.7275 (200-day SMA).
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