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AUD/USD clinches highs near 0.7170

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Aussie dollar is now trading on a firmer footing, lifting AUD/USD to the upper bound of the range in the proximity of 0.7170.

    AUD/USD shrugs off Chinese PMI, steady RBA

    Spot has managed to revert the drop towards the 0.7110 area in early trade, leaving behind a poor print from the Caixin manufacturing PMI in China and an unchanged stance from the RBA, sustaining the upside instead on the recovery in the risk appetite via higher crude oil prices.

    In fact, at its meeting today, the RBA acted in line with market expectations, leaving intact its benchmark rate and extending the tone from the previous meeting, ruling out a rate cut at least in the near term.

    AUD/USD levels to watch

    At the moment the pair is up 0.25% at 0.7156 with the next hurdle at 0.7246 (high Feb.4) ahead of 0.7255 (200-day sma) and then 0.7388 (monthly high Dec.4 2015). On the flip side, a break below 0.7000 (psychological level) would aim for 0.6971 (low Feb.9) and finally 0.6916 (low Jan.26).
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