AUD/USD recovers from very bearish territory

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - After dropping below the 0.72 handle, earlier on, AUD/USD has perked up and moved to the 50 SMA on the hourly chart on the bid while investors take a gamble on risk where Draghi delivered a dovish outlook and German 2yr yields drop to record lows and stocks gallop with the Dax up 2%.

    Elsewhere, US data was positive on the jobs front, with initial jobless claims (IJC) for Oct 16 and continuing jobless claims (CJC) Oct 9 released. The data came in beating expectations with IJC 259k vs 265k expected and CJC 2.17m vs 2.188m expected. We then had the existing home sales that too offered a bullish picture for the FOMC to add to their case for lift- off in, perhaps, December, 5.55M vs 5.38m expected and 4.&% vs 1.0% expected.

    AUD/USD levels

    Technically, the key levels are still with the 0.7385 Fibo retracement that is guarding the 0.7367 2014-2015 downtrend and the August high at 0.7439. On a retracement back below the key and psychological 0.7200 is the 0.7180 support and 0.7000.
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