During Tuesday’s slow morning in Europe, the AUD/USD pares intraday gains near 0.6750.
The Australian duo does this by analyzing the recently released negative China data for hints. In contrast, with the markets’ lack of activity at year’s end, geopolitical concerns related to Russia and North Korea provide a hurdle to Australian pair buyers.
Prior to Friday’s release of the China PMIs, the market has been consolidating its intraday gains, and there hasn’t been any significant data or events.
Therefore, pair traders should search for the qualitative catalyst for obvious directions.
Although the short-term AUD/USD downside is constrained by the 100-DMA near 0.6650, the bulls must close each day above the 21-DMA resistance area near 0.6740 in order to maintain control.
|
Daily SMA20 |
0.674 |
|
Daily SMA50 |
0.6609 |
|
Daily SMA100 |
0.6655 |
|
Daily SMA200 |
0.6878 |
