23 Dec 2014
AUD/USD stuck near 5-DMA
FXStreet (Mumbai) - The Australian dollar recovered against the US dollar from the lows seen in the Asian session, although the pair has failed so far to extend gains above the 5-DMA located at 0.8139 levels.
The pair currently trades largely unchanged at 0.8130, after having rebounded from the low of 0.8088 to hit a high of 0.8146 earlier today. The gains may have been capped near the 10-DMA as the US 10-yr treasuries have recovered losses to trade one basis points higher at 2.172%. Moreover, the US dollar is showing signs of strength ahead of the official data which is likely to show an upwardly revised third quarter growth figure for the US economy, along with a rise in the US durable goods orders. A strong US GDP print will increase the bets for a sooner-than-expected interest rate hike in the US, which may lead to fresh weakness in the AUD/USD pair.
AUD/USD Technical Levels
The immediate support is seen at 0.8107 (Dec. 17 low), under which losses could be extended to 0.8088 levels. Meanwhile, resistance is seen at 0.8139 (5-DMA) and 0.8196 (10-DMA) levels.
The pair currently trades largely unchanged at 0.8130, after having rebounded from the low of 0.8088 to hit a high of 0.8146 earlier today. The gains may have been capped near the 10-DMA as the US 10-yr treasuries have recovered losses to trade one basis points higher at 2.172%. Moreover, the US dollar is showing signs of strength ahead of the official data which is likely to show an upwardly revised third quarter growth figure for the US economy, along with a rise in the US durable goods orders. A strong US GDP print will increase the bets for a sooner-than-expected interest rate hike in the US, which may lead to fresh weakness in the AUD/USD pair.
AUD/USD Technical Levels
The immediate support is seen at 0.8107 (Dec. 17 low), under which losses could be extended to 0.8088 levels. Meanwhile, resistance is seen at 0.8139 (5-DMA) and 0.8196 (10-DMA) levels.