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AUD/USD erase gains to 200-DMA, turns flat at 0.7220

11:00 23 May /2016 Forex

The AUD/USD pair's one more attempted recovery toward 200-day SMA got sold into, erasing all of the pair's early gains and dragging the pair into negative territory to currently trade absolutely flat from Friday's close and at the low point of the day near 0.7220.

Earlier during Asian session, the pair rose to 0.7260 to tap 200-day but failed to extend the momentum beyond the very important moving average support turned resistance. Last week, the pair posted its fourth consecutive week of declines and with no major economic releases scheduled for release on Monday, the pair seems unlikely to get any respite from the broad strengthening momentum witnessed by the greenback.

Adding to last week’s hawkish Fed minutes, should St. Louis Fed President James Bullard’s comments further point to the increased possibilities of a Fed rate-hike in June, the pair seems more likely to extend its near-term downward trajectory.

Technical levels to watch

From current levels, 0.7200 round figure mark might provide some immediate support for the pair. Decisive break below 0.7200 handle now seems to open room for a further down-slide towards 0.7130-25 support zone with last week’s low near 0.7175 acting as a minor intermediate support.

Meanwhile on the upside, 200-day SMA near 0.7255-60 remains immediate hurdle to clear, above which the pair could extend the recovery further towards 0.7315-20 resistance area.

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