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AUD/USD attempting gains above 0.76 after Stevens speech

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Aussie dollar remains on front foot, with the AUD/USD pair now attempting gains above 0.76 after RBA’s Stevens refused to comment on AUD.

    Hovers above hourly 50-MA

    The pair found bids after it moved back above hourly 100-MA earlier today and managed to cut through hourly 50-MA located at 0.7598 after Stevens expressed readiness to do more, but disappointed Aussie bears who had braced for AUD jawboning.

    Still, the spot is having trouble seeing gains above 0.76 as investors worry Fed may raise rates sooner than expected. At the time of writing, the pair was trading 0.38% higher on the day around 0.7605 levels.

    AUD/USD Technical Levels

    The immediate hurdle is seen at 0.7625 (hourly chart resistance), above which the spot could make a run at 0.7653 (61.8% Fibo of 0.8163-0.6827). Conversely, a break below immediate support of hourly 100-MA seen at 0.7585 would expose support at 0.7541 (hourly 200-MA).
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