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AUD/USD: consolidating the bid in key territory

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD is currently consolidating the bid after a decent rally on the back of improved risk sentiment and commodities fighting back.

    Oil gains over 5%

    Iron ore was a catalyst, while oil has made an equally impressive come back (margin calls tomorrow should be interesting) which has supported the upside in the commodity currency while the greenback was sold off across the board.

    Domestically, there is an improved sentiment for the Australian economy also that is underpinning the Aussie's strength. Today we get business sentiment and also RBA's deputy Lowe speaking at the Resilience And Ongoing Challenges, at the Urban Development Institute of Australia.

    AUD/USD levels

    Technically, AUD/USD broke up through the 0.7331 level recently and that is key as being the 8 month resistance line and the 55 week moving average at 0.7380, and the weekly cloud at 0 .7378. These levels will now provide a foundation of support while the bulls target the March lows of 0.7534 having broken the 0.78480 level today (daily closes above now required).
    For more information, read our latest forex news.

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