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AUD/USD could get to 0.7850, the 38.2% retracement

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD has been one of the top performers of late since the FOMC yesterday and while commodities have continued to recover, spurred on by dollar weakness.

    The Aussie was surprisingly resilient after yesterday's jobs data that showed that the Australia added 300 jobs in February vs 13,500 expected, which is another big miss, but the bulls kept buying and the pair managed a score through critical highs on the 0.76 handle at 0.7652 on a day where the US dollar was in big supply and oil scored the $40 mark.

    WTI upside (still) capped around $40.00


    Wall Street, in part, clawing back 2016 losses

    AUD/USD levels

    Technically, Karen Jones, chief analyst at Commerzbank noted that AUD/USD's correction lower halted at the 23.6% retracement of the last leg higher at 0.7415 recovered and explained, "However while above here the longer term base measurement extends to 0.7760. Above 0.7760 would allow for an extension to the 0.7850 38.2% retracement."
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