AUD/USD keeps range around hourly 200-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - AUD/USD keeps the bid tone intact during the European hours, although stalled its recovery just ahead of the hourly 200-SMA located at 0.7261 levels.

    AUD/USD supported at 100-DMA

    Currently, the AUD/USD pair trades 0.45% higher at 0.7259, reverting from close to session lows struck at 0.7246 pre-European open. The AUD/USD pair failed to extend beyond the strong resistance near 0.7265 region after the Europe open and retreated to the 100-DMA support placed at 0.7243, only to bounce-off the last and now heads higher for a retest of the hourly 200-SMA.

    The upside in the Aussie pair was restricted after the European stocks edged lower and remained in the red, completely shrugging of the risk-on rally seen in the Asian equities.

    Markets now await the US open and the new home sales data for further cues on the pair. While the main risk events for the Aussie remains Wednesday’s Aus CPI figures and the key FOMC statement.

    AUD/USD Levels to watch

    The pair has an immediate resistance at 0.7279 (Oct 21 High), above which gains could be extended to 0.7300 (Oct 20 High + round number) levels. On the flip side, support is seen at 0.7218/19 (Daily Pivot + Today’s Low) from here it to 0.7180 (Oct 22 Low).
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