AUD/USD supported around 0.7020

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Aussie dollar is posting gains for the first time in the week, lifting AUD/USD to the 0.7080 area although surrendering some gains soon afterwards.

    AUD/USD rebounds from 0.6980

    The pair has managed to pick further pace amidst a better tone in the risk appetite trends, as Chinese fears have somehow allayed today. The Aussie has regained the psychological 0.70 handle although the upside lost traction in the boundaries of 0.71 the figure in early trade.

    Retail Sales in Oz have advanced 0.4% on a monthly basis during November, matching estimates albeit coming down from October’s 0.6% gain. The current recovery in spot will be put to the test later, in light of US Non-farm Payrolls due in the NA session (200K exp.).

    AUD/USD significant levels

    The pair is gaining 0.19% at 0.7017 and faces the next hurdle at 0.7119 (4-month uptrend prev. support now resistance) ahead of 0.7190 (55-day sma) and then 0.7332 (high Dec.31). On the downside, a break below 0.6978 (low Jan.7) would target 0.6934 (low Sep.29) en route to 0.6893 (low Sep.7).
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