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AUD/USD holds up above major support zone

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD edged a tad higher over the last hours, moving away from the major support area around 0.6910/07, tested during the European session.

    AUD/USD bottomed out at 0.6909, just one pip ahead of its September low, and bounced, but the upside has remained capped by the 0.6965/75 region. At time of writing, the pair is trading at 0.6942, still 0.19% below its opening price.

    Market's mood swings continue to drive the Aussie, although the pair remains on a broader downward trend. If AUD/USD breaks below 0.6908, it will be trading at its lowest since March 2009.

    Earlier today, Australia publised its employment report, which showed the economy lost 1,000 jobs in December (-12,500 expected) while the unemployment rate stood at 5.8% (vs 5.9% expected).

    AUD/USD levels to watch

    In terms of technical levels, AUD/USD could find immediate resistances at 0.6973 (Jan 14 high), 0.7055 (10-day SMA), 0.7075 (Jan 8 high) and 0.7150 (100-day SMA). On the flip side, supports are seen at 0.6908 (Sep 4 low) and then 0.6855 (Apr 2009 monthly low).
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