AUD/USD: strong through the 100 4hr SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD has been better bid in last sessions of December as we close down for the year.

    Australian markets are closed today with Boxing day falling on the weekend, but the bulls have the edge in the recovery from 0.7069 10 days ago. The greenback was soft in thin markets ahead of Xmas and commodities bounced back with oil jumping 4% supporting the Aussie. We now move towards the New Year and focus will be back on commodity prices, China and Central Banks with the Fed lifting off and the RBA next meeting in Feb.

    AUD/USD levels

    Technically, AUD/USD forced its way through the 100 SMA on the 4hr chart at 0.7234 today while the 200 SMA on the same time frame could offer some short-term support at 0.7207 and the 18th Dec resistance. Intraday rallies will look to test 0.7285 strong resistance. To the downside, below the 3-month uptrend at 0.7086, level wise, the 0.7017 November low and the September low is at 0.6940.
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