Analysis AUD/USD - FXStreet

Analysis AUD/USD - FXStreet

16 May 2016, 18:50
Roberto Jacobs

Analysis AUD/USD - FXStreet

AUD/USD Current price: 0.7295


Poor Chinese data released over the weekend, triggered a downward gap in the AUD/USD pair at the beginning of the day, sending it down to 0.7248, its lowest since March 2nd. The pair, however, quickly filled the gap and extended its advance up to 0.7305, the European session high, trading nearby ahead of the US opening. The Aussie is seeing some additional support in this dull Monday, from the strong advance in gold prices, which are challenging the top of the daily descendant channel that led the commodity for the last two weeks. Technically, the 1 hour chart shows that the indicators head modestly higher within positive territory, whilst the price is above the 20 SMA. In the 4 hours chart, however, the 20 SMA heads south above the current level, whilst the technical indicators have turned flat below their mid-lines after recovering from oversold levels, suggesting a limited buying interest at current levels. 

Support levels: 0.7250 0.7210 0.7165

Resistance levels: 0.7330 0.7370 0.7410


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