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AUD/USD: closing week directionless around 0.75 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/USD is trading around the 0.75 handle in a mixed environment to start closing the week down after a dovish FOMC last week, sadly terror attacks this week and mixed US data ahead of the US GDP tomorrow and nonfarm payrolls next week.

    Risk was equally mixed, with Wall Street recovering early losses and closing barely unchanged. Commodities have been a higher theme this week, with big moves and subsequent action in the related currencies, such as the Aussie. Today, crude oil was trading to the downside by over 2% before making a come back to recovered just shy of 1.5% while gold ended the US session down by -0.6%. The greenback was supported on further hawkishness from Fed members comments, this time coming from Fed's Bullard who forecasts that the next hike is around the corner.

    AUD/USD levels

    0.7480 is a key support below the 100 4hr sma at 0.7503. Attempts to the downside through 0.7480 exposes 16th March lows at 0.7415. Karen Jones, chief analyst at Commerzbank recently explained that seen by the intraday Elliott count, this is suggesting a retracement to 0.7520/0.7415, taking us back to the aforementioned 16th March lows and start of the rally that reached 0.7680. On the flip side, the 4hr 20 sma is located at 0.7561.
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