AUD/USD: supported right up to Xmas Eve

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is positioned in a tight range as we head into the last trading session before Xmas where activity is expected to be light. Oil was the main event in the US on the commodity bloc jumping 4% on inventories supporting the Aussie.

    There was a last minute flurry of US data as we wind down for Xmas with the GDP positive yesterday Q3 final revisions, PCE and durables in good territory. For Australia today we have the CB leading indicator and BoJ minutes will be worth a look in.

    AUD/USD levels

    Technically, AUD/USD met the 100 SMA on the 4hr chart at 0.7238 while the 200 SMA on the same time frame could offer some short-term support at 0.7199 and 18th Dec resistance.

    Intraday rallies are expected to remain capped by 0.7285. 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. The 4hr 200 SMA at 0.7190 caps rallies ahead of the 100 SMA on the same time frame at 0.7240.

    Merry Xmas!
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