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AUD/USD slides below 0.7200, 100-DMA eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The selling pressure on the AUD intensified in the European morning, knocking-off AUD/USD to fresh session lows below 0.72 handle.

    AUD/USD drops to 50-DMA

    Currently, the AUD/USD pair trades -0.28% lower at fresh session lows of 0.7193, heading for a retest of Tuesday’s low struck at 0.7184. Having faced rejection at 20-DMA in mid-Asia, the Aussie keeps pushing lower and now surrenders 0.72 handle on the back of a renewed bout of risk-aversion after the European stocks turned negative following an upbeat start. The German DAX now loses -0.25% versus +0.30% previously while the UK’s FTSE dips -0.10 versus +0.40% in opening trades.

    The Australian dollar also ran fresh supply against its American counterpart as attention now turns to the crucial jobs report from the OZ nation, with markets expecting a weaker labour market report. Markets are expected a sharp reversal in November after strong number reported in Oct.

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    AUD/USD Levels to watch

    The pair slips below 0.72 handle with the immediate support is seen at 0.7184 (Dec 8 low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7164 (100-DMA). On the flip side, the immediate resistance seen at 0.7237/39 (daily high/ 20-DMA) above which gains could be extended to the next hurdle located at 0.7278 (10-DMA).
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