AUD/USD off highs, deflates to 0.7210

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar has now lost some upside momentum, now sending AUD/USD to test the 0.7215/10 band.

    AUD/USD firmer on GDP, focus on US ADP

    AUD gained extra legs during the Asian session following auspicious results from the GDP figures in Oz during Q4, showing that the domestic economy has expanded above expectations 0.6% inter-quarter and 3.0% on an annualized basis.

    The prevailing risk-on trade has also lent support to the Aussie, which managed to regain the 0.7200 handle and advance to the boundaries of the key 200-day sma around 0.7250.

    AUD/USD levels to watch

    At the moment the pair is up 0.46% at 0.7213 with the next hurdle at 0.7256 (200-day sma) ahead of 0.7332 (high Dec.31) and then 0.7388 (monthly high Dec.4 2015). On the flip side, a break below 0.7151 (100-day sma) would aim for 0.7113 (55-day sma) and finally 0.6971 (low Feb.9).
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