Monday, October 5, 2015

AUD/USD bulls on the march

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7068 with a high of 0.7071 and a low of 0.7042.

AUD/USD has been trading on the bid in the Asian session after a positive close to the week when Nonfarm Payrolls disappointed and set back ideas of a 2015 rate hike from the Fed. The Aussie spiked from a tentative bid at 0.7050 when EUR/AUD broke to the downside, testing the 50 SMA on the hourly chart. Supply met the move in the Aussie at 0.7065, but the bulls remain in control and we are drifting higher into 0.7070 at time of writing.

AUD/USD levels

Technically, AUD/USD is breaking through critical levels on the 0.70 handle and now faces the 0.7080 resistance, of which a break of the level will open up the case for a strong recovery. On failures and a retest of the downside, the September low is at 0.6940 guarding 0.6905 recent low and 0.6774 2004 lows.
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