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AUD/USD trades at 6-day high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The AUD/USD rose to a six-day high of 0.7270 levels as the unwinding of the overcrowded USD long gathered pace ahead of the extended weekend.

    Aussie traders will be alert over the weekend

    Chinese November industrial profits figure is due for release over the weekend. Last month, the number dropped 4.7% and did rattle the markets. A negative reading again would underscore the slowdown in the Chinese economy.

    As of now, the currency pair appears poised to end the week with moderate gains. However, the pair only 50 odd pips away from the opening price of 0.7226. Hence, there is a risk of a weekly loss if the USD demand returns ahead of the NY closing.

    AUD/USD Technical Levels

    At 0.7267, the pair faces immediate hurdle at 0.7283 (Dec 15 high), above which the pair could target 0.7334 (Dec 10 high). On the other hand, a break below 0.7249 (Dec 22 high) could send the pair back to 0.7179 (100-DMA).
    For more information, read our latest forex news.

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