AUD/USD Clings to Gains Around 0.7250

AUD/USD Clings to Gains Around 0.7250

31 May 2016, 16:45
Roberto Jacobs
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AUD/USD Clings to Gains Around 0.7250

AUD/USD broke above the 200-day SMA and climbed to fresh 2-week highs before finding resistance, with the Aussie among the best performers in the FX space.

AUD/USD stretched to its highest level since May 18 at 0.7266 before losing momentum and settling in a narrow range nearby. At time of writing, the pair is trading at 0.7256, recording a 1.04% daily advance.

Strong export data released during the Asian session has risen growth expectations ahead of the Australian GDP numbers out overnight.

AUD/USD technical levels

As for technical levels, next resistances are seen at 0.7266 (May 31 high), 0.7283 (20-day SMA) and then 0.7349 (100-day SMA). On the other hand, supports could be found at 0.7180 (May 31 low), 0.7148/44  (May 30 & 24 lows) and 0.7108 (Mar 1 low) ahead of 0.7068 (Feb 19 low).


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