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AUD/USD declines to 0.7600 and rebounds sharply

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/USD dropped quickly toward the 0.7600 area amid a rally of the US dollar across the board after US economic data. Greenback lost strength during the last hours amid a recovery of stocks in Wall Street. The Dow Jones was down a hundred points and now is up by 0.35% or 60 points.

    The pair bottomed at 0.7598, hitting the lowest level since Tuesday but then bounced to the upside and reached 0.7672. It was trading at 0.7665/70, around today’s opening price but more than 120 pips on top of the level it had a week ago, headed toward the strongest weekly close since June of last year.

    AUD/USD technical levels

    To the upside, immediate resistance is seen at 0.7670/75 (American session high), 0.7700 (daily high) and 0.7720/25 (Mar 31 high). On the opposite direction support could be located at 0.7645 (Asian session low), 0.7595/98 (daily low), 0.7565/70 (Mar 21 low) and 0.7550 (20-day moving average).
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