AUD/USD clocks three-month high ahead of US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The broad based USD selling in early US session helped the AUD/USD pair clock a fresh three-month high of 0.7348 ahead of the weekly jobless claims and services PMI data release in the US.

    Trades above 200-DMA

    The spot rose above 200-DMA on Wednesday for the first time since September 2014 and advanced further on the back of a recover in commodity prices. Copper clocked a three-month high on LME yesterday and advanced 0.50% on Comex today.

    The pair currently trades around 0.7340 levels. The traders now await the US data, which is expected to show jobless claims remained unchanged last week and the services PMI dipped slightly in February.

    AUD/USD Technical Levels

    The immediate resistance is seen at 0.7385 (Dec 4 high), ahead of a major hurdle at 0.7439 (Aug 11 high). On the other hand, a break below 0.7281 (daily low) would expose 200-DMA at 0.7256.
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