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    Forex: AUDUSD Continues to Climb above 0.7200 as the U.S. Dollar Weakens


    After a narrow trading range of 35 pips in the prior Asian session, the Australian dollar manages to break the resistance level of 0.7190 in early Europe. The aussie crosses the 0.7200 threshold on extended buying interest in Europe to the high of 0.7234 while the U.S. dollar weakens against the major currencies. The aussie was well bid in NY yesterday rising from 0.7060 to 0.7190. ( 130 pips).

    The U.S. dollar declined approximately 1 percent in this week on signs of a slowing U.S. economy; the 10-year yields fell to the lowest level in a year with fading expectations of the Fed raising their interest rates anytime soon. 

    Near-term resistance 0.7280, 0.7300, 0.7330 - 200 DMA, 0.7386 Dec 4 high, 0.7400 

    Near-term supports: 0.7190, 0.7160, 0.7150 - 55 DMA, 0.7080, 0.7060

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