AUD/USD contained by hourly 50 SMA

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.6937 with a high of 0.6938 and a low of 0.6923 in early Asia.

AUD/USD is in focus today, with data from China on the way and NAB’s business conditions slightly earlier. The major commodity currency garnered some support with commodity prices on the up, specifically copper, on the back of commodities giant Glencore announcing plans to suspend copper production at two of the main plants in Africa and taking 400k tonnes off the shelf in the market.

50-SMA is a key resistance

The pair has been contained by the descending 50-SMA on the hourly chart, today at 0.6945 and the recovery is en-route to penetrate it which it has not done since last week’s Nonfarm Payroll results.

The catalysts today may come from Australia’s data, Chinese trade data or from the price action in the stock markets, while yesterday’s performances saw the Shanghai Composite closing down 2.32% by end of trade and the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1 percent.

AUD/USD levels

Should the downside accelerate, while 0.6500 may have psychological importance, looking back on the longer-term charts, there are very little technicals until 0.6000. 0.6850 guards …read more

Source:: FX Street