AUD/USD: bulls in charge but need to break 0.7750.

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Despite the risk mood being affected by Singapore's surprise cut overnight, AUD/USD made a string come back on the back of U.S. data in the U.S shift.

    The 2016 year high was broken and we have a fresh score of 0.7737 due to the U.S. inflation outlook with CPI y/y missing 0.9% vs 1.2% expected. That data coupled with the unemployment rate in Australia falling to 5.7%, the lowest since September 2013, and continuing to improve on 2015's worst number of 6.45%, the RBA can continue to hold for the time being, underpinning the Aussie. For the day ahead, we have the Chinese Q1 GDP data and the risk mood will continue to improve on a positive outcome, coupled with this week's trade surplus from China.

    AUD/USD levels

    AUD/USD is well supported at 0.7680/90 and bulls in charge within the ascending and steep channel from the 1st March rally. AUD/USD has recovered from the lows of 0.7491 of 6th April although analysts at UOB Group suggested that while short-term upward momentum has improved considerably, only a clear break above the strong 0.7725/50 resistance zone would indicate the resumption of the bullish trend. "In the meanwhile, this pair is expected remain underpinned and the upward pressure will continue to increase unless there is a move back below 0.7580/85 in the next 1 to 2 days."
    For more information, read our latest forex news.

Share This Page

free forex signals