AUD/USD rallies and breaks away from hourly 50 SMA

By FXStreet FXStreet (Guatemala) – AUD/USD had been pressuring the hourly 50 SMA to the upside on the Glencore news, but it is breaking even higher on the 10-minute sticks after a mixed NAB’s business confidence/conditions.

The business conditions in Australia have improved during August to 11 from 6 in July, while business confidence dropped back coming at 1 vs 4 in July. AUD/USD was making a low of 0.6933, but has rallied to 0.6965 and away from the 50 SMA. The next set of data with come from China’s trade data while Chinese stock markets were indicated to be opening negative 0.8% in the Shanghai Composite.

AUD/USD levels

To the upside, this break of the 50 SMA on the hourly chart brings in last week’s high of 0.7062 as a target. To the downside, 0.6500 may have psychological importance, looking back on the longer-term charts, there are very little technicals until 0.6000. 0.6850 guards 0.6774 June 2004 low then 0.6280 2009 March lows and also 0.6122/.6010, the 2008 lows.
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Source:: FX Street