AUD/USD firmer, flirting with 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar has found some bids around 0.7060 in early trade, sending AUD/USD to challenge highs near 0.7100 the figure.

    AUD/USD capped by 0.7250

    The pair is reclaiming some ground lost after the recent rejection from 4-week peaks near 0.7250 (February 4), although it continues to meander within a tight range amidst a vacuum of data releases and the festivities in China.

    Chinese data released over the weekend showed FX Reserves at CNY 3.23 trillion, the lowest level since 2012. Data wise in Oz, HIA’s New Home Sales and NAB’s Business Confidence/Conditions are due tomorrow.

    AUD/USD key levels

    As of writing the pair is up 0.33% at 0.7096 facing the next hurdle at 0.7246 (high Feb.4) followed by 0.7325 (200-day sma) and then 0.7388 (monthly high Dec.4). On the flip side, a breach of 0.7021 (20-day sma) would expose 0.6999 (low Feb.3) and finally 0.6916 (low Jan.26).
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