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AUD/USD moves off lows but lacks momentum

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD staged a mild recovery after revisiting 7-year lows during the European session, with the greenback showing minimal reaction to the latest string of inflation and housing data.

    AUD/USD rose to a session high of 0.6879 after the release, extending its bounce off a low of 0.6827, as it found support just one pip above its cycle low scored last Friday. However, the upside momentum didn’t last, and AUD/USD remained capped by the 21-hour SMA. At time of writing, the pair is trading at 0.6868, still down 0.54% on the day.

    AUD/USD levels to watch

    In terms of technical levels, AUD/USD could find immediate supports at 0.6826 (7-year low, Jan 15), 0.6855 (Apr 2009 monthly low) and 0.6800 (psychological level). On the other hand, resistances are seen at the 0.6910 area (former support zone), 0.6940 (10-day SMA), 0.7000 (Jan 15 high/psychological level) and 0.7085 (Jan 7 high).
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