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AUD/USD scope below 0.73 picking up

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD was forced below the 0.73 handle in early Tokyo trade, which is significant given the ground that it had made and how resilient it had been on the US ADP report, unnerved and holding on to the bullish comfort zone it had created for itself.

    However, the trade balance was too much with a decline in exports m/m and now Chinese services weigh in with actual at 51.2 for Nov vs prior 52.0, but still above the neutral point.

    We now move in towards Aussie retail sale and then the Nonfarm, Payrolls as the main event to trade-off. The Nonfarm Payrolls was set up to be a good one on the back of the ADP report as a prelude to the FOMC while Yellen was already out today carving out the potential for a hike while later today she will testify to Congress.

    AUD/USD levels

    Technically, with the price now back below the 0.73 handle, the 55 SMA at 0.7247 on the hourly time frames come as the next potentially strong level of support.

    The key 0.7200 psychological level is next concern for the bears where the 100 DMA is located. A subsequent break of the 55 DMA at 0.7165 would open up territory towards the 0.7017 November low and the September low at 0.6940.
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