AUD/USD retreats after testing March highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD is falling on Wednesday, despite weak US economic data. The pair printed a fresh daily low during the American session at 0.7635 and currently it trades at 0.7650/53, down 0.45% for the day.

    Falling from 0.77

    During the Asian session, AUD/USD rose to 0.7714 hitting the strongest level since March 31 and tested 2016 highs but it was unable to break higher and started to retreat. The Aussie was favored by risk appetite but then lost strength as the US dollar recovered ground across the board.

    The Aussie is falling for the first time after rising during the previous three trading days. Despite the retracement, it still trades near 0.7720/25, where 2016 highs area located. A break above 0.7725 would put the AUD/USD at the highest since June.

    AUD/USD technical levels

    To the upside, resistance levels might now be seen at 0.7670 (20-hour moving average), 0.7690 (Apr 12 high), 0.7720 (March high) and 0.7850 (June 2016 high). On the opposite direction, support might be located at 0.7635 (daily low), 0.7580 (Apr 8 high / Apr 12 low) and 0.7525 (Apr 11 low).
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