Monday, September 14, 2015

AUD/USD: garners demand to fresh highs on recovery

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7116 with a high of 0.7136 and a low of 0.7076.

AUD/USD has made fresh highs on the 0.71 handle and is supported in the vicinity of 0.7110 on the drift away from the aforementioned highs. The bulls stuck their horns in last week on the back of an improved risk environment with a rebound in copper, gold and oil and a lower greenback, that combined, allowed a drift in the Aussie to the upside through key resistance levels.

The next major event for the pair will be the RBA minutes ahead of the FOMC showdown this week and long await Fed decision on interest rates.

AUD/USD levels

Technically, AUD/USD is in a better position now to target the 0.7165 level on the Elliott-count intraday. Thereafter, rallies may find tough resistance at the 0.72 handle and the highs scored toward the end of August business. To the downside, the 200 SMA is positioned at 0.7010 guarding the recent lows of 0.6908.
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