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AUD/USD hits fresh 3-week highs in quiet Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - AUD/USD emerged the top performer among the G10 currencies in Europe this Thursday, and remains poised to book third monthly gain.

    AUD/USD finally beyond 0.73 handle

    Currently, the AUD/USD pair trades 0.38% higher at 0.7314, retreating from fresh three-week highs of 0.7327 reached in last hours. Having bottomed around 0.7280 levels, the Aussie pair continues to push higher beyond 0.73 barrier as stabilizing commodities’ prices, especially oil, boosts the resource-linked AUD.

    Meanwhile, with little trading activity and light economic calendar ahead as most major global markets are closed on NYE celebrations, attention now turns towards tomorrow’s Chinese manufacturing and services PMI reports.

    AUD/USD Levels to watch

    The pair heads higher and finds the immediate resistance at 0.7342 (200-DMA) above which gains could be extended to the next hurdle located at 0.7388 (Dec 4 High). On the flip side, the immediate support located at 0.7277/71 (1h 100-SMA/ daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7236/30 (1h 200-SMA/ 20-DMA).
    For more information, read our latest forex news.
     

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