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AUD/USD: price recovering? 20 1hr sma is key

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD has rallied in the US session as the greenback is hit from all sides on a series of poor data. The high has been 0.7212 from a low of 0.7145.

    First poor show came in the Markit services PMI's for Feb at 49.8 vs 53.5 and 53.2 prior. Then, new home sales change -9.2% vs -4.4% expected and 8.2% prior for m/m January. At the same time, oil rallied and price pared losses on the EIA Crude oil stocks change Feb 19 as data showed a much smaller build in U.S. crude inventories than an earlier industry report suggested, also supporting the Aussie.

    AUD/USD levels

    AUSD/USD has found further demand within the downtrend established in yesterday's business from the highs of 0.7241 and has bottomed out at 0.7145 at today's lows while price rallies up to challenge the descending resistance line, juts shy of the 20 sma 1hr sma at 0.7190. The pivot is some way off at 0.7226 with R1 at 0.7251, R2 at 0.7287 and R3 at 0.7312. To the downside, S2 is 0.7160 and S3 is at 0.7142.
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