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AUD/USD: Stuck between key MAs, near 0.72 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The Australian dollar extends its overnight against its American counterpart in the mid-Asian trades, with AUD bulls struggling to extend gains beyond 0.7200 levels.

    AUD/USD gains capped by 5-DMA

    Currently, the AUD/USD pair trades 0.07% higher at 0.7197, retreating from fresh session highs posted at 0.7208 in last hours. The Aussie stalled its recovery mode from 0.7160 region near 5-DMA located at 1.7209, and defends mild gains amid broad based US dollar correction. The price failed to take out 5-DMA on several attempts since NY close and consolidates in a 30-pip narrow range, with the bulls finding good support near 100-DMA at 1.7175.

    The upside in AUD/USD remains on the back of decline in the Australian stocks and lower commodity prices. The S&P/ASX index drops -0.40% to 5,255, mainly dragged by losses in resource and mining stocks after the recent commodity sell-off.

    In the day, ahead, markets now await RBA Chief Stevens’ speech scheduled in the European session, while a slew of crucial US economic data due later in the NY session, including the prelim GDP and consumer confidence will be closely eyed.

    AUD/USD Levels to watch

    The pair has an immediate resistance at 0.7209/15 (5-DMA/ Nov 19 High), above which gains could be extended to 0.7231/51 (daily R1/ Nov 20 High) levels. On the flip side, support is seen at 0.7175 (100-DMA) from here it to 0.7142 (1h 200-SMA).
    For more information, read our latest forex news.
     

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