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AUD/USD to challenge 200 dma today in Asia?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD has been in touching distance rm the 200 dma target of 0.7278. The Aussie remains one of the best performer, second to the Yen, in the recovery of the 2016 downtrend but has been one of the strongest performers this week, over the last five sessions in fact.

    Commodities have been supporting the recovery from the 2016 lows of 0.6827. Besides oil, iron ore, as being one of Australia's largest exports is supporting strength in the Aussie this week. Can the recovery continue? Analysts at Rabobank are doubtful.

    For the price action today, US stocks weighed on the prospects of further upside in the Aussie.For the meantime, there is nothing scheduled on the calendar to particularly note until tomorrow's capex.

    AUD/USD levels

    AUD/USD eyes the 200 dma, while to the downside, on the same time frames, the 100 and 50 dma's at 0.7151 and 0.7103 consecutively are compelling if the pair cannot get above the 200 dma in forthcoming sessions. Further to the downside, spot trades around the pivot of 0.7207 currently with S1 at 0.7165, S2 at 0.7095 and S3 at 0.7053 guarding 0.7000 psychological level.
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