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AUD/USD: bulls clinging to 0.75 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD is attempting to hold on to the 0.75 handle, but is pressured in Asia below the highs of 0.7535.

    AUD/USD remains within a tight range around the 0.75 handle in a mixed environment after a dovish FOMC last week yet hawkish Fed members speaking and commenting this week. We also had the terror attacks this week along with mixed US data leading us towards today's US GDP, PCE Monday and nonfarm payrolls next week as the showdown.

    PBOC sets USD/CNY at 6.5223 vs 6.5126 last close

    Commodities have been a key driver this week with markets fixated on Oil still. Today, crude oil was trading to the downside by over 2% before making a comeback to recover just shy of 1.5%. Gold finished the US day lower by -0.6% while the bears.

    AUD/USD levels

    Valeria Bednarik, chief analyst at FXStreet explained, " In the 4 hours chart, the price remains below a bearish 20 SMA, now around 0.7560, while the technical indicators aim higher below their mid-lines, all of which limits chances of a steeper rally as long as the price remains below this last." Meanwhile, on continued downside, the 0.7480 is a key support below the 100 4hr sma at 0.7503. A break here exposes 16th March lows at 0.7415.
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