AUD/USD: a big week ahead, can bulls carry on?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD has staged an impressive recovery since the open of 2016 where the major commodity currency plummeted to 0.6834 lows from 0.7301 highs at the start of January.

    We have now exceeded that level with 0.7583 reached at the end of last week in the aftermath of the ECB and a recovery in stocks, oil and metal prices.

    Commodities: CFTC wrap-up and big swings - TDS

    AUD/USD traders will reflect on China at the start of the week with the combined readings for the first two-month's of the year showing a slowdown in industrial production and retail sales and that will continue to pressure the PBoC to add stimulus, despite the concerning build up of debt.

    China’s economy and a debt dilemma - NAB

    The RBA minutes are due tomorrow and these will be scrutinized for such concerns in contrast to the recent bullish tone concerning the Australian economy. Then, we have the jobs data for Australia that will attract the usual attention on what is otherwise an already very busy week across the board with the FOMC as well.

    AUD/USD levels

    AUD/USD has been better bid since eroded the 0.7331 8 month resistance line and the 55 week moving average at 0.7392, and is also eroding the base of the weekly cloud at 0.7377. 0.7534, the March 2015 low, was the next big level that was taken out while a continuation of the bid will hunt down 19th June weekly stick's high of 0.7796.
    For more information, read our latest forex news.

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