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AUD/USD recovers 0.70 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Aussie dollar is trading back above the 0.70 barrier vs. the dollar, now lifting AUD/USD to the 0.7020 region.

    AUD/USD rebounds from 0.6980

    After a brief test of daily lows in the 0.6980 area, spot has managed to pick up pace and stage a rebound to first retake the 0.70 key handle and afterwards advance to session tops near 0.7030.

    A better tone from Chinese equity markets plus a generalized recovery in commodities has lent extra support to AUD. In the data space, NAB Business Confidence and Business Conditions indexes have both printed lower results at 3 and 7, respectively.

    AUD/USD relevant levels

    At the moment the pair is advancing 0.20% at 0.7020 facing the next up barrier at 0.7152 (55-day sma) followed by 0.7356 (200-day sma) and finally 0.7388 (high Dec.3). On the flip side, a breakdown of 0.6900 (psychological handle ) would expose 0.6824 (low Jan.14) and then 0.6283 (monthly low Match 2009).
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