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AUD/USD off lows, but stays below 0.76

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD recovered from session lows, but remains on a back foot below 0.76 handle after China’s central bank fired a warning shot about corporate debt levels.

    USD remains under pressure

    Losses were capped at 0.7568 levels enabling the currency pair to trim losses as the greenback stays on a weaker footing following last week’s dovish FOMC event. AUD came under pressure in early Asia after People’s Bank of China Governor Zhou Xiaochuan corporate debt — had become too high.

    Aussie has had a nice three week run mainly on account of rally in oil and other commodities. It is a quiet data week in the lead-up to Easter, but will do have couple of Fed policymakers hitting the wires with their take on monetary policy and that could enlighten the markets.

    AUD/USD Technical Levels

    The spot currently trades largely unchanged on the day around 0.7586. The immediate hurdle is noted at 0.76 ahead of a resistance at 0.7628 (61.8% of 0.8124-0.6827) and 0.7680 (Fri’s high). On the other hand, a break below 0.7550 (5-DMA) would expose support levels at 0.7527 (10-DMA) and 0.7479 (23.6% of 0.6827-0.7680).
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