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AUD/USD finds support near 0.7600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar is losing the grip at the beginning of the week, sending AUD/USD to the lower end of the range near 0.7600 the figure.

    AUD/USD upside capped near 0.7723

    The pair is challenging the key support at the 0.7600 handle today, coming down from recent highs in the proximity of 0.7720, levels last seen in late June 2015. The resurgence of the buying interest around the beleaguered dollar is plotting against further gains in spot for the time being, hurting at the same time the rest of the risk-associated assets.

    Ahead in the session, the RBA meeting is next on tap although market consensus remains tilted towards a no-action by the central bank.

    AUD/USD levels to watch

    At the moment the pair is retreating 0.85% at 0.7616 facing the next support at 0.7576 (20-day sma) followed by 0.7511 (23.6% Fibo of 0.6824-0.7723) and finally 0.7475 (low Mar.24). On the flip side, a break above 0.7723 (2016 high Mar.31) ahead of 0.7739 (monthly high Jul.1 2015) and then 0.7851 (monthly high Jun.18 2015).
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