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AUD/USD closer to 0.7400 ahead of NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar keeps gathering traction vs. its American peer, with AUD/USD gearing up for a test of the 0.7400 handle.

    AUD/USD stronger, in 8-month highs

    Spot is confirming its upbeat momentum today, extending its rally to fresh multi-month highs around the 0.7400 key handle, levels last seen in August 2015.

    AUD found extra buying interest following a generalized softer tone around the greenback, boosting the rest of the riskier assets at the same time.

    Data wise in Oz, domestic retail sales results have passed unnoticed earlier today, while market attention remains on US Non-farm Payrolls due later (190K exp.).

    AUD/USD levels to watch

    At the moment the pair is up 0.34% at 0.7385 with the next hurdle at 0.7442 (monthly high Aug.11 2015) followed by 0.7851 (monthly high Jun. 18 2015) and then 0.7940 (monthly high Mar.24). On the flip side, a break below 0.7253 (200-day sma) would aim for 0.7178 (20-day sma) and finally 0.7123 (55-day sma).
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