AUD/USD makes new highs on 0.73 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7338 with a high of 0.7350 and a low of 0.7283.

    AUD/USD has rallied back on to the 0.73 handle with a weak dollar and piggy backing the euro's rally post the ECB. The US data has not been dollar friendly either with the PMI's this week missing expectations and significantly today, the non-manufacturing PMI for Nov came in at 55.9 vs 58.0 expected after the noted continuation of a contraction in the manufacturing sector.

    Last night, offers came in the trade balance from Australia and the services-sector in China, but those have been short-lived and a turn-around in the Aussie places the bulls back into control ahead of tomorrow's Nonfarm Payrolls that is geared up to be positive in light of the ADP report.

    AUD/USD levels

    Technically, below the 200 DMA, at 0.7462, the bias remains to the downside although new highs of 0.7350 were scored and next natural resistance comes at 0.7380 before the psychological 0.7400 level. Another bout of supply would see the 0.73 under pressure again, but will target the 100 SMA at 0.7270 on the hourly time frames. Below there is the 200 SMA at 0.7247.
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