AUD/USD: Offered near 100-DMA, drops to hourly 100-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The AUD/USD pair ran into offers closer to its 100-DMA located at 0.7351 and fell back to its hourly 100-MA at 0.7306 levels.

    Supported by hourly 100-MA

    The pair has managed to bounce slightly from its hourly 100-MA to trade around 0.7320 levels. Earlier today, the AUD rallied despite weaker than expected jobs data as investors focused on a drop in overall unemployment. Moreover, the drop in the Fed rate hike bets after US retail sales kept the USD under pressure.

    Commodity prices are trading mixed, with Comex copper up 0.4%. Ahead in the day, the sentiment in the European stocks and commodity markets could influence the Aussie.

    AUD/USD Technical Levels

    The immediate support is seen at 0.7306 (hourly 100-MA), under which the spot could test hourly 50-MA at 0.7276. A break below the same would expose hourly 200-MA at 0.7232. On the higher side, the pair could test resistance at 0.7354 (100-DMA) and 0.7382 (Oct 12 high).
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