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AUD/USD off highs, returns to 0.7540

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After advancing to the area of 0.7570, AUD/USD lost upside traction and has returned to the 0.7545/40 band.

    AUD/USD well supported near 0.7500

    The pair has managed to recover some ground lost after yesterday’s deep pullback, although it found quite decent support in the 0.7500 neighbourhood. A pick up of the risk appetite has bolstered the Aussie during the Asian trading hours, albeit the up move run out of steam in the vicinity of 0.7580.

    Empty calendar in Oz and the US will leave the attention to the risk trends, ahead of the speech by New York Fed’s W.Dudley due later in the European afternoon.

    AUD/USD levels to watch

    At the moment the pair is advancing 0.47% at 0.7541 facing the next hurdle at 0.7576 (20-day sma) followed by 0.7723 (2016 high Mar.31) and then 0.7739 (monthly high Jul.1 2015). On the other hand, a breach of 0.7475 (low Mar.24) would expose 0.7380 (38.2% Fibo of 0.6824-0.7723) and finally 0.7332 (55-day sma).
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