AUD/USD steady into the close

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/USD is currently trading at 0.7110 with high of 0.7129 and a low of 0.7242.

    AUD/USD has been in recovery of the overnight supply from the vicinity of the 200 sma on the hourly sticks at 0.7099. The pair recovered from the lows of 0.6983 and has made a recent high of 0.7126. The driving forces remain with oil and gold, both trading at the extremes of recent ranges along with stocks and investors risk apatite.

    Gold rallied on risk aversion to a high of $1,263.03 and oil made fresh lows of $26.03, while copper on the other hand has been creatively stable, consolidating this week's downside from 2.1000 down to 2.0038.

    RBA's Stevens on hold and vigilant

    Stevens addressed parliament earlier, but did there were no remarks that instigated any market reaction while nothing new was said. Stevens explained that the economy is likely to expand at a moderate pace while they will continue watching turbulence in markets and their domestic labour market. Stevens explained that lower inflation, which is currently at the lower end of the RBA's favoured bracket, could provide scope for further easing if needed.

    AUD/USD levels

    Technically, AUD/USD consolidated in Asia above the 200 sma on the hourly sticks with R2 at 0.7181 and R3 at 0.7234. To the downside, S1 is located at 0.7056, S2 at 0.7003 and S3 at 0.6967. RSI on the 4hr remains in neutral. A break to the upside through the recent high of 0.7242 eyes the 200 dma at 0.7307.
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