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AUD/USD keeps bid tone in Europe, 0.7243 next upside target

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Bali) - AUD/USD continues to find bids in early Europe, last exchanging hands at 0.7237 after breaking through the Asian highs of 0.7226, awaiting now the London open.

    AUD/USD key levels to watch

    In terms of upside targets, the impulsive rise seen on Dec 18th saw a 50% correction towards 0.7155, allowing traders now to make a projection for a potential target of 0.7243 first (150% projected expansion) ahead of 0.7290 (200% projection). On the downside, 0.72 should now act as key support, followed by 0.7155/60 area.

    The next key release that may inject some volatility in the pair will come at 13.30GMT, on the release of the US GDP Q3 final result. According to BBVA Bancomer Team: "The final estimate for 3Q15 real GDP growth (Tuesday) is expected to show a slight downward revision from the 2.1% figure released last month. Lagged data releases throughout the past few weeks have shown minor adjustments to a few GDP components for September, including business inventories and net exports."
    For more information, read our latest forex news.

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