AUD/USD surrenders gains, falls back to 0.7150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - AUD/USD made another attempt to consolidate above the 0.7200 level but was rejected from the 21-day SMA and fell all the way back to 0.7150, giving up most of its post RBA gains.

    The RBA refrain from cutting rates on Tuesday, giving the Aussie a boost across the board. However, the rally of AUD/USD stalled at at 0.7223 where it posted a weekly peak earlier on the day. At time of writing, the pair is trading at 0.7160, down 0.33% on the day.

    Above expectations US data (ADP, trade balance, ISM services) helped the greenback to take back losses, as investors await Friday’s NFP report. Fed Chairman Yellen was testifying before the Congress, but made no comments on monetary policy.

    AUD/USD levels to watch

    In terms of technical levels, next supports for AUD/USD are seen at 0.7135 (50-day SMA), 0.7065 (Oct 6 & 30 low), 0.7042 (Oct 5 low) and then the 0.7000 area (psychological level/Oct 1 & 2 lows) . On the other hand, resistances could be faced at 0.7112 (Nov 4 high), and 0.7295 (Oct 23 high).
    For more information, read our latest forex news.

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