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AUD/USD ripe for a challenge of the 200 dma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD is moved higher on better risk mood and a bid in commodities, opening strongly in the Asian shift and continuing throughout markets on the bid.

    AUD/USD data events

    The US data was disappointing, with yet another contraction in the manufacturing sectors data with 51.0 vs 52.0 expected vs 52.4 prior for Feb PMI. This supported the commodity currency and now the key focus will come in Australia's Capex Q4 on Thursday in Asia.

    AUD/USD levels

    AUD/USD rallied at the start of this week and moved up away from the 100 dma at 0.7149 today and has rallied to 0.7247 the high. RSI (14) is at 75 on the hourly sticks as price meets R3 at 0.7240. On a continuation of the upside, the 200 dma is located at 0.7282 and a move above there with closes completes a 100% reversal of the 2016 downside. However on a correction of the short-term bullish trend, S1 is located at 0.710 and S3 at 0.7073. A break of the 0.70 handle and below 0.7023 Feb low opens 0.6834 2016 lows.
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