AUD/USD fades the spike, back below 0.7600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar is now losing the grip, prompting AUD/USD to return to the area of session lows in the 0.7565/60 band.

    AUD/USD lower on USD-buying

    A bout of buying interest around the greenback is now accelerating the pair’s daily decline, coming down from post-RBA highs near 0.7630. The RBA, as expected, left unchanged its monetary stance at today’s meeting, refraining from the usual AUD-jawboning, which was perceived as ‘kind of hawkish’ by market participants.

    Data wise in Oz, the most relevant events will now be next week’s employment figures and inflation readings later in the month. In the US today, the attention will gyrate around ISM Non-manufacturing and February’s Trade Balance results.

    AUD/USD levels to watch

    At the moment the pair is retreating 0.46% at 0.7571 facing the next support at 0.7511 (23.6% Fibo of 0.6824-0.7723) ahead of 0.7475 (low Mar.24) and then 0.7315 (55-day sma). On the flip side, a break above 0.7723 (2016 high Mar.31) would expose 0.7739 (monthly high Jul.1 2015) and finally 0.7851 (monthly high Jun.18 2015).
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