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AUD/USD recovers ground, eyes on RBA decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Australian dollar has managed to advance sharply versus its US counterpart on Monday, as investors attention turns to the RBA decision due next Asian session.

    AUD/USD bounced off a 1-week low of 0.7170 and regained the 0.72 mark to reach a daily high of at 0.7228 at the beginning of the New York session. At time of writing, AUD/USD is trading at 0.7223, up 0.51% on the day and having erased completely Friday’s fall.

    On Tuesday, the Reserve Bank of Australia will decide on monetary policy, with consensus calling for rates to remain unchanged at 2.0%.

    AUD/USD levels to watch

    As for technical levels, AUD/USD could find short-term resistances 0.7239 (Nov 27 high), 0.7262 (Nov 26 high) and 0.7282 (Nov 25 high). On the flip side, supports line up at 0.7200/0.7199 (psychological level/100-day SMA), 0.7170 (Nov 30 low) and then 0.7155 (50-day SMA).
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