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16 Dec 2014
AUD/USD hits fresh daily high
FXStreet (Mumbai) - The Aussie trades higher against the US counterpart, recovering from four-year low levels hit during early Asian trading.
The AUD/USD pair hit a fresh session high at 0.8238 levels, up 0.30% on the day, at time of writing. The Aussie dropped sharply to four year low immediately after the release of The Reserve Bank of Australia’s (RBA) monetary policy minutes which reiterated concerns about the strength of the national currency and its restrictive effect on Australia’s growth prospects. The minutes also mentioned that exchange rate depreciation may be needed to achieve balanced growth in the economy.
However, the Aussie rebounded from the lows and remains elevated against the US dollar ahead of 2-day Fed’s Monetary Policy Meeting.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8241 (50-day SMA) levels, above which gains could be extended to 0.8301 (200-day SMA) levels. On the flip side, support is seen at 0.8218 (10-day SMA), from here it to 0.8198 (Dec 15 Low) levels.
The AUD/USD pair hit a fresh session high at 0.8238 levels, up 0.30% on the day, at time of writing. The Aussie dropped sharply to four year low immediately after the release of The Reserve Bank of Australia’s (RBA) monetary policy minutes which reiterated concerns about the strength of the national currency and its restrictive effect on Australia’s growth prospects. The minutes also mentioned that exchange rate depreciation may be needed to achieve balanced growth in the economy.
However, the Aussie rebounded from the lows and remains elevated against the US dollar ahead of 2-day Fed’s Monetary Policy Meeting.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8241 (50-day SMA) levels, above which gains could be extended to 0.8301 (200-day SMA) levels. On the flip side, support is seen at 0.8218 (10-day SMA), from here it to 0.8198 (Dec 15 Low) levels.