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AUD/USD turns positive, hits fresh daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD advanced to fresh daily high at the beginning of the American session as the greenback weakened somewhat following the release of soft US data.

    US jobless claims rose more than expected last week, reaching a 2-month high of 276K (264K expected), while separated data showed US labor costs rose by only 1.4% in Q3 versus 2.3% expected.

    AUD/USD that started the day on the back foot, bounced from the 0.7125 zone and manage to reverse losses, reaching a peak of 0.7164 in recent dealings. At time of writing, the pair is trading at 0.7160, recording a 0.18% gain on the day.

    AUD/USD levels to watch

    In terms of technical levels, next resistances could be faced at 0.7167 (50-hour SMA), 0.7223 (Nov 4 high/21-day SMA) and 0.7295 (Oct 23 high). On the flip side, supports could be found at 0.7125 (Nov 5 low), 0.7065 (Oct 6 & 30 low), 0.7042 (Oct 5 low) and then the 0.7000 area (psychological level/Oct 1 & 2 lows).
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