AUD/USD retreats modestly, unable to rise above 0.7300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - AUD/USD is rising modestly, conserving part of Asian session gains that followed the release of the Reserve Bank of Australia minutes. The pair pulled back during the last hours but it managed to hold above 0.7270.

    AUD/USD finds resistance below 0.7300

    The pair gained momentum during the Asian session and rose further on European hours. It peaked at 0.7297 and then lost strength. For the second day in a row the area around 0.7300 is offering strong resistance.

    In the very short term the pair continues to move sideways inside a trading range with resistance at 0.7300 and support at 0.7240 (where today and yesterday’s lows are located).

    For the coming hours, the bias favors the aussie as price remains above the 20-hours moving average; a break above 0.7300 seems needed in order to clear the way for more gains.
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