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AUD/USD trims gains, nears 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/USD pair was offered at a high of 0.7177 and now trades just above its 100-DMA located at 0.7143 levels.

    Post RBA minutes gains erased

    AUD had strengthened after release of RBA minutes, which showed the central bank has not shifted its conditional easing bias. However, the currency failed to maintain gains that too despite uptick in the oil, copper and Chinese equity markets.

    The US economic calendar is light; hence, the currency pair could continue to track movement in the commodities.

    AUD/USD Technical Levels

    The immediate support is seen at 0.7143 (100-DMA), which if taken out shall open doors for a drop to 0.7109 (50-DMA). On the other hand, a break above immediate hurdle at 0.7177 (daily high) could see the spot test offers at 0.7218 (Feb 5 high).
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