AUD/USD Recovers After 5-Day Decline

AUD/USD Recovers After 5-Day Decline

10 May 2016, 17:10
Roberto Jacobs

AUD/USD Recovers After 5-Day Decline

AUD/USD is rising on Tuesday, at a modest pace and still hold below Monday’s highs. The pair rose during the Asian session and peaked on European hours at 0.7372. Afterward, it pulled back to 0.7325, where the 20-hour moving average stands and from there bounced back to the upside.

Currently is testing daily highs at it trades at 0.7365/70, up 55 pips for the day, rising for the first time in a week. On Asian hours it bottomed at 0.7298, reaching the lowest levels in two weeks.

Greenback is falling across the board amid risk appetite. While the aussie is the best performer among commodity currencies. The Dow Jones is up 1.0% while the Nasdaq gains 0.92%.

AUD/USD technical levels

To the upside, resistance levels might lie at 0.7340/45 (daily high), 0.7400 (psychological) and 0.7445 (May 4 low). On the opposite direction, support levels could be seen at 0.7330 (20-hour moving average), 0.7298 (daily low) and 0.7255/60 (Feb 22 & 26 high).


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