AUD/USD keeps bid tone in Europe, 0.7243 next upside target

By FXStreet FXStreet (Bali) – AUD/USD continues to find bids in early Europe, last exchanging hands at 0.7237 after breaking through the Asian highs of 0.7226, awaiting now the London open.

AUD/USD key levels to watch

In terms of upside targets, the impulsive rise seen on Dec 18th saw a 50% correction towards 0.7155, allowing traders now to make a projection for a potential target of 0.7243 first (150% projected expansion) ahead of 0.7290 (200% projection). On the downside, 0.72 should now act as key support, followed by 0.7155/60 area.

US GDP Q3 final result next focus

The next key release that may inject some volatility in the pair will come at 13.30GMT, on the release of the US GDP Q3 final result. According to BBVA Bancomer Team: “The final estimate for 3Q15 real GDP growth (Tuesday) is expected to show a slight downward revision from the 2.1% figure released last month. Lagged data releases throughout the past few weeks have shown minor adjustments to a few GDP components for September, including business inventories and net exports.”
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Source:: FX Street