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AUD/USD reaches 2-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Australian dollar gathered pace and managed to break above the 200-day SMA and its Asian session peak to score its highest level in two months.

    AUD/USD gathered fresh momentum and extended gains to a high of 0.7270 during the American session. At time of writing, the pair is trading at 0.7260, recording a 1.21% gain on Wednesday.

    AUD/USD remains as one of the best performers in the FX space, helped by improved risk-sentiment and much-better-than-expected domestic GDP figures.

    AUD/USD levels to watch

    In terms of technical levels, next resistances are seen at 0.7300 (Jan 4 high/psychological level), 0.7327 (Dec 31 high) and 0.7385 (Dec 4 high). On the other hand, supports could be faced at 0.7164 (Mar 2 low), 0.7108/02 (Mar 1 low/50-day SMA) and, 0.7068.
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