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AUD/USD on a 7-hour winning streak, attacks 0.7250 resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - AUD/USD continues on a tear, currently testing the 0.7150 major resistance, after seven consecutive hours of straight gains, on the back of a non-eventful FOMC minutes, which kept the doors wide open for a Fed lift-off in December.

    The Australian Dollar continues to trade on a strong footing vs its main peers, with the bearish outlook on the currency having fundamentally abated a notch after last week's blockbuster Australian employment report, which has pushed calls for a possible RBA rate cut either well into late Q1/early Q2, while other banks are holding a neutral bias.

    AUD/USD key levels

    The immediate resistance level is found at 0.7150 (highest of the session), followed by 0.7170/80 (horizontal levels) ahead of 0.72 round number and 0.7220 (late Oct highs). On the downside, watch 0.7140 as first intraday support, followed by 0.7115 (yesterday's European high) and 0.7090/7100 (yeserday's European swing low)
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