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AUD/USD jumps to day highs, base metals supportive

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - AUD/USD is trading at day highs around 0.7180/85, having found a solid intraday base at tge 0.7155 during the Asian session, following last week's failed attempt to keep price under 0.71 mark.

    Base metals support AUD early Monday

    The base metals complex, including gold, copper and iron ore prices have been on the rise during Asia, underpinning the Australian Dollar, which coupled with broad-based US DOlllar weakness (main theme in US last Friday), is keep the bid tone going in the AUD/USD market.

    Technicals in AUD/USD

    Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The daily chart shows that the pair has been consolidating within a large triangle ever since late August, and it has approached to the base of the figure last week, but bounced. In the same chart the 20 SMA caps the upside around 0.7240, also a strong static resistance, while the technical indicators aim higher, but in negative territory, limiting the downside as long as the price remains above the daily ascendant trend line at 0.7070."
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