AUD/USD: Bulls struggling to take-out 0.7500 amid higher commodities

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The overnight recovery in the AUD/USD pair gained further traction over the last hour, as improved risk sentiment on rebounding oil prices underpins the Aussie.

    AUD/USD re-attempts 0.7500

    Currently, the AUD/USD pair rallies 0.50% to 0.7491, struggling hard to take-out 0.75 barrier. A sudden turnaround in the risk conditions as the Asian equities pare losses, tracking the oil prices, boost the demand for higher yielding/ riskier currencies such as the AUD and therefore, adds to the ongoing recovery in the AUD/USD pair.

    More so, the strong gains seen in the copper and gold prices also benefit the resource-linked Aussie, while focus now turns towards a host of fresh economic data from China this weekend. China is due to release industrial production, fixed asset investment and retail sales data on Saturday.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7528 (Mar 9 High) above which gains could be extended to the next hurdle located at 0.7550 (psychological levels). On the flip side, the immediate support located at 0.7469/65 (5-DMA/ daily pivot). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7401/00 (10-DMA).
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