AUD/USD regains 0.7200 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After testing the area of 0.7190 during the European morning, AUD/USD has retaken the 0.7200 mark and advanced towards 0.7220.

    AUD/USD found support in the mid-0.7100s

    The pair is reverting the negative start of the week so far, extending the rebound from Monday’s troughs near 0.7150 and trading back above the critical 0.7200 handle.

    At his speech today, RBA Governor G.Stevens has sounded upbeat regarding growth prospects for the domestic economy, although he stressed that the central bank remains prepared to act if needed.

    AUD/USD levels to consider

    As of writing the pair is advancing 0.35% at 0.7215 with the next resistance at 0.7298 (76.4% Fibo of 0.7386-0.7012) followed by 0.7386 (monthly high Oct.12) and then 0.7441 (monthly high Aug.14). On the other hand, a breakdown of 0.7147 (55-day sma) would open the door to 0.7101 (23.6% Fibo of 0.7386-0.7012) and finally 0.7000 (psychological level).
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