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AUD/USD consolidates at the 0.76 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD has stalled at the converging 1hr 200 and 100 sma at the 0.76 handle after a day where the dollar was mixed in the US session and commodities, as seen in oil, supported the Aussie again.

    WTI is making fresh highs now of $37.87, penetrating the 200 sma on the 1hr at $37.77 in WTI and the Aussie finds territory and threatens again at the 0.76 level. Meanwhile The FOMC minutes did not come with the same dovishness as the March statement and one can expect rate hikes to come before the year is out so long as data remains on track.

    AUD/USD levelsWith a high of 0.7619, AUD/USD penetrated the 200 sma on the hourly sticks and has been oscillating in a tight range since the FOMC minutes. For the downside, a slip to 0.7480 could open up the 200 sma on the 4hr at 0.7458 guarding a slide to 0.7260 and late Fed highs. To the upside, 0.7650 needs to give for a test of 0.7680/00.
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