AUD/USD off lows, trades around hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The AUD/USD pair fell to a session low of 0.7253, before recovering slightly to trade around its hourly 200-MA located at 0.7268.

    Trades around 23.6% retracement

    The Aussie was on the rampage till last week, before the momentum stalled at the 100-DMA this week. The spot fell to a its 23.6% of 0.6907-0.7382 located at 0.7270 levels. The weakness seen today is largely on account of the broad based USD weakness seen ahead of the weekend.

    The immediate focus is now on the US industrial production figure and the University of the Michigan confidence figures.

    AUD/USD Technical Levels

    The immediate resistance is seen at 0.7300 (hourly 100-MA), above which the pair could target 100-DMA at 0.7351. On the lower side, a break below 10-DMA at 0.7254 would open doors for a sell-off to 0.7198 (Oct 14 low).
    For more information, read our latest forex news.

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