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AUD/USD regains 0.69 as copper rebounds

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The ongoing recovery in AUD/USD from multi-year lows gathered pace over the last hours, with the bulls conquering 0.69 handle.

    AUD/USD heading towards hourly 50-SMA

    Currently, the AUD/USD pair rises 0.70% at fresh session highs of 0.6916, hovering at 5-DMA. The Aussie takes on the solid recovery from seven-year lows reached at 0.6824 on Friday and now extends beyond 0.69 handle, completely ignoring the worsening slump on the Asian markets amid falling oil prices.

    A renewed bout of buying interest in the AUD/USD pair is mainly on the back of strong rebound staged by the copper prices. The copper futures on the COMEX jumps +1.13% to $ 1.97/ pound, bouncing-off multi-year lows struck at 1.937 levels.

    However, the recovery looks fragile as falling stocks as well as oil prices continue to hamper investors’ moods. Next of importance for the AUD remains tomorrow’s China data-deluge, including the GDP, industrial production and retail sales. While the US CPI report will also have major impact on the Aussie pair.

    AUD/USD Levels to watch

    The pair heads higher and finds the immediate resistance at 0.6924 (1h 50-SMA) above which gains could be extended to the next hurdle located at 0.6995/0.7005 (1h 200-SMA/ Jan 15 High). On the flip side, the immediate support located at 0.6886 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.6824 (Seven-year low).
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