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AUD/USD moves off lows, still below 0.7200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD is falling for the first time in more than a week but during the last hour it has been able to trim losses.

    AUD/USD retreading from 2-week highs

    Yesterday the pair peaked at 0.7235, hitting the strongest level since September 18 and started a correction. During today’s Asian session it continued to decline and bottomed at 0.7164.

    It tested the lows on European hours but managed to held on top and then turned to the upside. So far it has been unable to regain 0.72. Currently it trades at 0.7195, holding a bullish tone and models lower for the day.

    Greenback is losing momentum in the market as commodity prices recover after falling sharply hours ago. Stocks in Wall Street are also moving off session lows.

    AUD/USD technical level

    To the upside, potential resistance level lie at 0.7200, above here at 0.7215 (daily high) and 0.7235 (Oct 7 high). On the opposite direction support might be located at 0.7165 (daily low), 0.7135 (Sep 17 low) and 0.7100.
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