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AUD/USD: price falls below 55-hourly SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD trades in a tight range although is ticking lower and away from the recent highs.

    The price is eroding the support of the ascending channel and the 55 SMA on the hourly chart at 0.7254 currently while spot trades at 0.7251. The major was boosted on recovery attempts in metals and oil, but the markets are volatile around uncertainty and WTI drops back yet again to trade below $36bbl from recent highs of $37.31bbl. Copper has also taken a nose-dive through the 200 SMA on the hourly from over 2.12 down to lows of 2.0750 also weighing on the Aussie.

    AUD/USD levels

    Technically, AUD/USD has been capped on the recovery at 0.7280 resistance. Attention now turns to key support at the 1hr 200 SMA at 0.7207 where the 18th Dec resistance was located prior. This guards below the 3-month uptrend at 0.7086 on the wide and the 0.7017 November low and the September low is at 0.6940.
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