AUD/USD: making fresh highs for November

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7248 with a high of 0.7250 and a low of 0.7185.

    AUD/USD is making fresh highs as we move across to Asia in a positive month for the Aussie, extending the upside from the month's lows scored at 0.7016 from October's downtrend from 0.7198. A series of more positive results have occurred in October, namely the jobs sector and coupled with an upbeat RBA on hold, the Aussie has taken flight and has recently surpassed the 100 DMA at 0.7205. However, there is a strong case for a Dec hike according to Fed's Williams, and that should be supportive of the greenback initially.

    AUD/USD levels

    Technically, the major needs to get above the 0.7380 level and October highs to offer a compelling case towards the 200 DMA at 0.7480 guarding the 0.76 and a full recovery of the near term bear trend and June lows of 0.7598. A fade at these levels ,however, would be taking the major back to 0.7180 support and the 4hr 200 SMA targeting 0.7080.
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