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AUD/USD hovers at 7-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - AUD/USD continues to trade firm near 7-week highs on Wednesday despite the greenback has staged a broad comeback versus other counterparts.

    The Australian dollar stretched further to the upside and printed a fresh high at 0.7342 during the Asian session, although it lost momentum afterward and settled in a narrow range over the last hours. At time of writing, the pair is trading at 0.7324, virtually unchanged since opening.

    On Tuesday, the Aussie staged a steep rally after the RBA decided to maintain rates on hold and signaled no cuts may be expected in the near term.

    Market focus turns to the ADP employment report which investors use as a proxy ahead of the US government report due for release on Friday.

    AUD/USD levels to watch

    As for technical levels, AUD/USD could find short-term resistances 0.7342 (Dec 2 high), 0.7363 (Oct 15 high) and then 0.7381 (Oct 12 high). On the flip side, supports are seen at 0.7300 (psychological level), 0.7222 (Dec 1 low) and then 0.7200/0.7197 (psychological level/100-day SMA).
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