AUD/USD headed towards hourly 200 SMA

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7124 with a high of 0.7150 and a low of 0.7124.

AUD/USD has lost the form of the bid side with selling pressure at the mid-point of the 0.71 handle as the rally and recovery from the downside pressures of the 20 SMA on the hourly chart to 0.7085. The dollar was a strong performer in the US session, but the commodity currencies trumped the greenback with strong gains in oil and firm metals.

We now await the CPI from the US ahead of the FOMC with a higher percentage of bets on the “no change” side from a data dependent Fed. The RBA minutes did not point to a possible change next month as they say it is too early to assess how China has already affected the economy while just recently in the session, RBA’s Debelle says that their growth rate may have slowed.

AUD/USD levels

Technically, the 0.7165 level capped the upside on the Elliott-count intraday and it has taken a knock back to test through the 0.71 handle. The 200 SMA is positioned at 0.7031 today guarding the recent lows of 0.6908. On the minor recovery here back on …read more

Source:: FX Street