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AUD/USD recovers from 1-month lows but gains limited

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - AUD/USD managed to recover some ground over the last sessions after falling sharply last Friday on the back of better-than-expected US nonfarm payrolls report.

    The Australian dollar bounced from a 1-month low of 0.7022 scored on Friday, shrugging off disappointing Chinese data. However, the recovery stalled at the 0.7070 area at the beginning of the American session, confining the pair to a phase of consolidation. At time of writing, AUD/USD is trading at 0.7050, still up 0.36% on the day.

    AUD/USD levels to watch

    In terms of technical levels, AUD/USD could face next resistances at 0.7069 (Nov 9 high), 0.7100 (psychological level) and 0.7128 (50-day SMA). On the flip side, resistances are seen at 0.7022 (Nov 6 low), 0.7002/0.6997 (Oct 2 & 1 low) and 0.6936 (Sep 29 low).
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