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AUD/USD: upside playing out in risk-on

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD has edged higher as the Chinese return with the first fix since the Chinese new year. The yuan fix has the Yuan up 3% vs the greenback on the mid point of the fix at 6.5118.

    The week ahead is a busy one for the Aussie, while we await the Chinese trade data and the Aussie jobs numbers. The jobs numbers may have more attention paid to them, or rather, they are even more eagerly awaited than previous months because the turmoil in markets is driving investors to safety and given the amount of confidence Stevens has put into the labor market, traders will be scrutinizing the full data behind the headline. Also, we have the FOMC minutes this week.

    AUD/USD levels

    Technically, AUD/USD is on target for recent highs at 0.7153 with the deeper support rooted on the 200 sma on the hourly chart at 0.7102. There after, R3 is located at 0.7170 guarding 0. 7234 as a key resistance. The 200 dma is located at 0.7305. To the downside, S1 is located at 0.7068, S2 at 0.7050 and S3 at 0.7032. RSI on the 4hr remains in neutral at 51.
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