AUD/USD: above 100 DMA ahead of RBA

By FXStreet FXStreet (Guatemala) – AUD/USD is stacked up around the 100 DMA with shallow performance on the bid at the start of the week in European and US markets in an extension of yesterday’s demand as Tokyo got going in Asian trade.

However, the bid lacks conviction on little in the way of supportive fundamentals and the price remains below key technical support, so nothing to alarm the bears so far as we lead into the RBA meeting ( RBA could remain on hold in 2016 – Westpac ) and Chinese PMI’s as key the catalysts in Asia this week, ahead of Nonfarm Payrolls in the US.

AUD/USD levels

Technically, 0.7250/70 is a key area of resistance and the pair remains under pressure until a break and convincing daily close above there and back onto the 0.73 handle, eyeing the 200 DMA at 0.7470 way up ahead. 0.7170 is a key target to the downside and a break of which should crystalise the bearish trend in the medium term. The 100 DMA at 0.7197 guards the 0.7170 lows while on a wider picture, the Sep lows at 0.6907 would be back into focus on any sustained downside with 0.7015 and …read more

Source:: FX Street