AUD/USD surrenders gains, back near 0.7100

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After a brief adventure to overnight highs near 0.7130, the upside momentum in the Aussie dollar run out of legs, prompting AUD/USD to return to the current 0.71 area.

    AUD/USD nothing from RBA, attention to US data

    The pair is extending the choppy trade that has been prevailing since Monday, swaying along with the risk trend mood and looking to consolidate around the 0.7100 handle.

    Previously, Governor G.Stevens has given a testimony before the Parliament Committee, where he showed no concerns over the current CNY adjustment. Regarding the currency, Stevens said the lower AUD has collaborated with many sector, although he did not rule out further declines.

    AUD/USD levels to watch

    At the moment the pair is up 0.04% at 0.7103 facing the next hurdle at 0.7246 (high Feb.4) followed by 0.7304 (200-day sma) and then 0.7388 (monthly high Dec.4). On the flip side, a break below 0.7045 (20-day sma) would aim for 0.6971 (low Feb.9) and finally 0.6916 (low Jan.26).
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