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AUD/USD awaiting further impetus to target 0.76 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD is settled on the bid after a good recovery that leaves the Aussie subject to scrutiny due to the levels that the RBA are unconformable with.

    However, for the time being, the markets are determining the direction in the price and that is well placed on the 0.74 handle, targeting the 0.76 handle in the absence of intervention or bad news in the Australian economy. Not even yesterday's trade data shocker out of China could disturb the committed bulls while exports crashed 25.4% YoY in China, the 3rd largest drop in history and almost double the 14.5% expectation.

    AUD/USD levels

    For the day ahead, we will see how the resistance holds up within the ascendant channel in the 1 hour chart on any demand, subsequent of second trier data releases in the Aussie economy." The price is firm above a flat 20 SMA while the technical indicators head higher within bullish territory in the same time frame," explained Valeria Bednarik, chief analyst at FXStreet, adding, "In the 4 hours chart, the price has bounced from a strongly bullish 20 SMA, while the RSI indicator resumed its advance near overbought levels, whilst the Momentum indicator is turning flat above the 100 level, after correcting overbought conditions, all of which maintains the risk towards the upside, particularly on a break above 0.7484, this week high."
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