AUD/USD bulls up for the 0.7380 challenge

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD is currently trading at 0.7356 with a high of 0.7372 and low of 0.7281.

    AUD/USD has, yet again, been better bid having run through the 200 dma at 0.7255 earlier in the week. The dollar is broadly weaker across the board while we await the nonfarm payrolls showdown tomorrow.

    Nonfarm Payrolls: focus this time will be on wages

    The ADP prelude rose 214k in Feb (vs 190k expected), although Jan was revised 12k lower to 193k. "San Francisco Fed president Williams said the economic outlook hasn't changed much since the Fed's December forecasts and that the Fed remains on the path to raising rates," explained analysts at Westpac.

    AUD/USD levels

    AUD/USD is on the recovery from below the 0.72 handle and has penetrated the 200 dma at 0.7253 and is headed to test the recent resistance and previous double top at 0.7382. The move is a continuation of the recovery from recent lows for the year down at 0.6825 on the daily sticks. 0.7439 is key near term objective as the August 2015 highs. "AUD/USD could extend to 0.7380/85, but markets still price substantial RBA easing risk," suggested the analysts at Westpac.
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