- The Aussie managed to recover somewhat through yesterday’s trading, but higher ground remains a slippery slope.
- Thursday sees limited market activity and a US vacation, further restricting trading volumes.
The AUD/USD pair managed to stage a recovery through Wednesday’s action, lifting from a near-term bottom just south of the 0.7200 handle, but the intraday buying action was unable to clear above 0.7300, and the pair remains constrained at the 0.7260 level heading into a thin Thursday.
The economic calendar is clear for the rest of the week for the AUD, and with the upcoming US session dark for the American Thanksgiving, and moves for the AUD/USD heading into the tail-end of the week will find themselves missing any potential tailwinds from US Dollar flows.
AUD/USD Levels to watch
The Aussie-Dollar pairing is gett
The 4 hours chart for the pair shows that the intraday advance stalled at around a flat 20 SMA, while technical indicators have corrected oversold conditions, but lost upward strength, the Momentum within negative levels and the RSI at 51, suggesting that bulls are hesitating at current levels. In the same chart, however, the pair remains firm above a bullish 100 SMA, which provided a dynamic support at the beginning of the day. The pair is currently battling with the 38.2% retracement of the 0.7163/0.73337 rally, with the 23.6% retracement of the same advance at 0.7300, reinforcing the static resistance figure.
Support levels: 0.7250 0.7210 0.7165
Resistance levels: 0.7300 0.7340 0.7375
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