FXStreet (Mumbai) – A renewed bout of buying in the AUD/USD lost pace near the hourly 200-SMA now located at 0.7258 and fell back in the red as subdued sentiment on the global equities continue to tarnish the demand for risky currencies.
AUD/USD stuck between key MAs
Currently, the AUD/USD pair trades -0.06% lower at 0.7246, easing-off fresh session highs recorded at 0.7259. The AUD/USD pair failed once again near the crucial resistance placed at hourly 200-SMA and retreated thereon, only to find fresh bids near the 100-DMA at 0.7239 and now wavers above it.
The pair faced rejection at higher levels as traders remain on the back foot and prefer to park their capital in safe-haven ahead of crucial central banks’ outcome later this week, thus dragging higher yielding currencies such as the Aussie lower. While the main risk events for the Aussie remains Wednesday’s Aus CPI figures.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7279 (Oct 21 High), above which gains could be extended to 0.7300 (Oct 20 High + round number) levels. On the flip side, support is seen at 0.7202/00 (Oct 26 & 21 Low) from here it to 0.7180 (Oct 22 Low).
(Market News Provided by FXstreet)