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AUD/USD reverted to the upside looking at the 1hr 200 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD been held up in the recovery attempts that have seen the Aussie rally from 0.6838 the low yesterday up to challenge the 200 sma on the hourly chart at 0.6958.

    Risk sentiment has improved significantly this week while the Yuan continues to stabilize and the Chinese crisis shock has dissolved enabling for the Aussie to enjoy some relief.

    "The relentless pounding that investors suffered in the first two weeks of the year has subsided. It is too early to have much confidence that a turn is at hand. By various measures, the sell-off had stretched the technical conditions. In any event, the stability of the yuan, gains in the Chinese stocks," explained analyst at Brown Brothers Harriman.

    AUD/USD levels

    Technically, AUD/USD has pulled back above the September low of 0.6905 which leaves behind the prospects of a slide to 0.6774 and 2004 lows for the time being. Attention reverts back to the upside and the 200 hourly sma at 0.6958 guarding the 0.7000 psychological handle ahead of 0.7020 and November lows and the 20 dma on daily chart at 0.7098.
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