AUD/USD regains 0.7600 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The buying interest around the Aussie dollar remains buoyant today, with AUD/USD retaking the key 0.7600 resistance and advancing to daily highs.

    AUD/USD bid after RBA

    Spot has recovered the ground lost on Monday and is so far snapping a 2-session negative streak after last week’s tops in the proximity of 0.7700 the figure. Earlier in the session, market participants have perceived Governor Stevens’ remarks as not-dovish, giving extra legs to AUD and supporting further the upside.

    In the data space, House Price Index in Oz rose 0.2% QoQ during Q4, surpassing expectations. On the US docket, the manufacturing PMI is due ahead of the API’s weekly report on crude stockpiles.

    AUD/USD levels to watch

    At the moment the pair is gaining 0.47% at 0.7614 facing the next hurdle at 0.7684 (2016 high Mar.18) followed by 0.7739 (monthly high Jul.1 2015) and then 0.7851 (monthly high Jun.18 2015). On the other hand, a breakdown of 0.7481 (23.6% Fibo of 0.6824-0.7684) would open the door to 0.7437 (20-day sma) and finally 0.7413 (low Mar.13).
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