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AUD/USD reverses losses and retests highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Aussie managed to bounce from below 0.7200 and reversed early losses against the greenback, as even commodity currencies are taking advantage of a weaker US currency.

    AUD/USD rebounded from a daily low of 0.7170 and climbed back above 0.7200 to retest daily highs at the 0.7230/35 zone. At time of writing, the pair is trading at 0.7231, up 0.25% on the day.

    There are no first-tier data scheduled for the US session, but it will be a busy Asian session with the RBNZ decision and the Australian jobs report due.

    AUD/USD levels to watch

    In terms of technical levels, immediate support lies at 0.7192 (50- and 100-day SMA crossover) followed by 0.7170 (Nov 30, Dec 8 lows) and 0.7158 (Nov 23 low). On the flip side, resistances could be faced at 0.7265 (10-day SMA), 0.7340 (Dec 7 high) and then 0.7385 (Dec 4 high).

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