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AUD/USD firmer, flirting with 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Aussie dollar is benefiting from the weakness around the greenback, now pushing AUD/USD to the boundaries of 0.7100 the figure.

    AUD/USD finds support near 20-day sma at 0.6990

    Spot is staging a strong rebound today, finding decent support around the 20-day sma near 0.6990 and toying with the 0.7100 mark, all amidst a generalized offered tone around the US dollar.

    Data wise in the US, the ADP report has come in on the stronger side at 205K for the month of January vs. 195K initially forecasted, while Services PMI missed expectations at 53.2 for the same period.

    AUD/USD relevant levels

    As of writing the pair is up 0.66% at 0.7098 with the next resistance at 0.7143 (high Jan.29.) followed by 0.7332 (high Dec.31) and then 0.7331 (200-day sma). On the flip side, a break below 0.6916 (low Jan.26) would aim for 0.6873 (low Jan.21) and finally 0.6825 (low Jan.20).
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