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AUD/USD firmer above 0.72, ignores lower commodities

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The AUD/USD’s recovery from more than two-week lows gains further traction as we progress towards the mid-European session, with the bulls now aiming to take-out 20-DMA (0.7249) for further upside.

    AUD/USD flirting with daily R2

    Currently, the AUD/USD pair trades 0.43% higher at fresh session highs of 0.7222, having found good support at 0.7200. The Aussie keeps pushing higher this session, completely unperturbed by the renewed weakness witnessed in the commodities space while also stands resilient to the broad based US dollar strength.

    Gold futures on Comex are losing -0.70% to 1067 levels and the US Oil extends to the downside, dropping -0.55% to $ 35.40/ barrel while copper prices are down -0.40% at 2.10 levels.

    Although, renewed optimism seen on the European indices appear to boost the demand for higher yielding currencies such as the AUD, thereby, keeping AUD/USD underpinned.

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    AUD/USD Levels to watch

    The pair trades above 0.72 handle with the immediate resistance located at 0.7249 (20-SMA) above which gains could be extended to the next hurdle located at 0.7272 (1h 200-DMA). On the flip side, the immediate support is seen at 0.7158/57 (100-DMA/ Nov 23 Low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7129 (daily S2).
    For more information, read our latest forex news.

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