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AUD/USD: finally breaks 0.7600, so where next?

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 is chipping away at the 0.76 handle with committed bulls determined to challenge the shorts on the back of the FOMC outcome today, despite the poor show in the jobs data.

    AUD/USD has been on an impressive come back for this year, defying gravity and going against the curve in the commodities sector. There has been a high so far of 0.7619 at time of writing, but a break of 0.7620 is required for a look in at 16th June lows at 0.764.

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    AUD/USD levels

    Technically, the 0.7600 level is a big one. There was someone out there pushing the barriers for it to have broken, especially given that jobs report and now the 16th June lows at 0.7645 are next target on a break through 0.7620. "Currently if we assume that AUD/USD has based the measurement higher extends to 0.7760,” explained Karen Jones, chief analyst at Commerzbank. Meanwhile, a sell-off takes us to 20 dma 0.7350 on the wide, but 0.7531 ahead of 0.7491 and 13th March low will be guarding the downside first.
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