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AUD/USD remains capped below 0.7190

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet - The AUD bulls take a breather in Asia, keeping AUD/USD confined below 0.7190 barrier as the bullish run loses steam amid stabilizing oil prices.

    AUD/USD fades a spike to fresh 4-week highs

    Currently, the AUD/USD pair trades 0.07% higher at 0.7171, retracing swiftly from fresh four-week highs printed at 0.7191 in early Asia. Having peaked near few pips short of 0.72 handle, the Aussie is seen consolidating the heavy gains booked yesterday and gathers pace for the next push higher.

    The AUD/USD pair eased from multi-month tops this session as the US dollar managed to recover lost ground somewhat against its major peers and turned positive above 97 handle. Moreover, the overnight rally in the oil prices lost steam, which also added to the limited upside in the Aussie.

    Later today, the USD moves will be closely watched in light of fading Fed rate hike hopes next month, as the upcoming US jobs data may provide more insights on the Fed’s interest rates outlook. For the AUD, next on tap is the RBA monetary policy statement along with retail sales due for release tomorrow.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7191/0.7200 (daily high/ round number) above which gains could be extended to the next hurdle located at 0.7218/28 (Jan 5 High/ 200-DMA). On the flip side, the immediate support located at 0.7154 (100-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7115/11 (daily pivot/ 50-DMA).
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