AUD/USD regains 0.7400 and above

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The buying interest seems to have now returned to the Aussie dollar, sending AUD/USD through the 0.7400 handle.

    AUD/USD supported near 0.7390

    Spot is extending last week’s strong rebound from the 0.7100 neighbourhood, backed by a solid pace in the risk-on trends and a recovery of commodity prices and crude oil outperformance.

    Also sustaining the Aussie momentum, speculative positioning has added to the AUD net longs by nearly 7300 contracts during the week ended on March 1.

    AUD will remain under scrutiny however in light of Chinese trade balance figures due tomorrow and the speech by RBA’s Lowe, while US Labor Market Conditions Index and speeches by Brainard and Fischer are due later today in the US docket.

    AUD/USD levels to watch

    At the moment the pair is losing 0.10% at 0.7424 and a break below 0.7251 (200-day sma) would aim for 0.7214 (20-day sma) and finally 0.7131 (55-day sma). On the other hand, the next up barrier lines up at 0.7506 (monthly high Jul.10 2015) followed by 0.7851 (monthly high Jun.18 2015) and then 0.7940 (monthly high Mar.24 2015).
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