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AUD/USD: minor spike quickly fades

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the AUD; a proxy for China; improved, sending the AUD/USD pair higher to 0.7296 after China rate cut news hit the wires.

    Copper gains, AUD struggles

    Comex Copper is now up more than 1%, despite which the Aussie trimmed gains to 0.7275 levels. China cut its benchmark interest rate and lending rate by 25 basis points, a day after ECB’s Draghi hinted at more easing in December.

    Ahead in the US session and heading into the weekend, the direction in the Aussie could be influenced by Comex copper prices.

    AUD/USD Technical Levels

    The immediate resistance is located at 0.73 and 0.7328 (100-DMA), above which gains could be extended to 0.7382 (Oct 12 high). On the other side, support is seen at 0.7264 (hourly 200-MA) and 0.7244 (hourly 100-MA), under which the pair could drop to 0.7227 (hourly 50-MA) and 0.72 handle.
    For more information, read our latest forex news.
     

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