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AUD/USD bulls hunting down R1 for 0.77 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD is currently making an addition run towards the 0.77 handle now in Asia as the greenback takes another beating.

    The Yuan fix was at 6.4628 vs 6.4961 and that is a large spread from the PBoC, injecting an additional 110bn yuan via 7-day reverse repos today as well. Meanwhile, overnight, the Aussie rallied from 0.7617 to 0.7659 and was ripening up for further attempts on the back of continued punishments to the greenback that has lost big game of late across the board due to the dovishness that came from yesterday's FOMC.

    Commodities have made significant come backs, with oil traders testing out $48 a bbl while Ma16 Dalian iron ore closed up 5.75%, as noted by analysts at Westpac, explaining that spot wasn't far behind, +4.7% to $56.09/tonne. Copper is now make higher highs at time of writing, 2.3235 the high.

    AUD/USD levels

    AUD/USD's price takes the RSI (14) 1hr to 67 and heads to R1 0.7717. "In the 4 hours chart, the bias is higher, as the technical indicators keep heading north, despite being in overbought territory, supporting a steady advance up to 0.7820 a major long-term resistance, " explained Valeria Bednarik, chief analyst at FXStreet.
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