16 Jan 2015
AUD/USD struggles near 50-DMA
FXStreet (Mumbai) - The AUD/USD pair made another weak attempt at the 50-DMA located at 0.8265, as falling treasury yields weaken the US dollar.
The pair clocked a high of 0.8254 before settling lower around 0.8242 levels. The Aussie rose sharply yesterday after a better-than expected jobs data in Australia erased concerns regarding a sharp slowdown in the Australian economy. Meanwhile, a fall in the US treasury yields further helped the Aussie gain strength. However, the AUD/USD pair failed to sustain gains above the 50-DMA level yesterday.
Similar action is being witnessed today, as the pair gained on falling treasury yields, although the momentum faded away as the pair moved closer to the 50-DMA. Moreover, the weakness seen in Copper prices may have capped gains in the Australian dollar.
AUD/USD Technical Levels
The immediate resistance is seen at 0.8265 (50-DMA), above which gains could be extended to 0.8293 levels. Meanwhile, support is seen at 0.8206 and 0.8183 (5-DMA) levels.
The pair clocked a high of 0.8254 before settling lower around 0.8242 levels. The Aussie rose sharply yesterday after a better-than expected jobs data in Australia erased concerns regarding a sharp slowdown in the Australian economy. Meanwhile, a fall in the US treasury yields further helped the Aussie gain strength. However, the AUD/USD pair failed to sustain gains above the 50-DMA level yesterday.
Similar action is being witnessed today, as the pair gained on falling treasury yields, although the momentum faded away as the pair moved closer to the 50-DMA. Moreover, the weakness seen in Copper prices may have capped gains in the Australian dollar.
AUD/USD Technical Levels
The immediate resistance is seen at 0.8265 (50-DMA), above which gains could be extended to 0.8293 levels. Meanwhile, support is seen at 0.8206 and 0.8183 (5-DMA) levels.