Wednesday, November 11, 2015

AUD/USD off highs but clings to mild gains

FXStreet (Córdoba) - The Australian dollar rose to a fresh weekly high versus its US counterpart during the Asian session, helped by a strong reading on consumer sentiment, but trimmed some gains as the greenback gathered pace over the last hours.

In Australia, Westpac’s Consumer Sentiment for Nov rose 3.9%, with the index back above 100 after 6 months. AUD/USD bounced off a fresh 1-month low of 0.7015 and advanced to a post-nonfarm payrolls high of 0.7077 but lost momentum and pulled back to currently trade at 0.7055, still up 0.37% on the day.

There is no first-tier data scheduled for the rest of the day and trading is expected to remain subdued the US and Canada on holiday. The Australian employment report for October is the key data to be out tomorrow.

AUD/USD technical levels

In terms of technical levels, AUD/USD could face next supports at 0.7015 (Nov 10 low), 0.7002/0.6997 (Oct 2 & 1 lows) and 0.6936 (Sep 29 low). On the other hand, resistances are seen at 0.7077 (Nov 11 high), 0.7100 (psychological level) and 0.7128 (50-day SMA).
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