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AUD/USD sent to key support zone after strong rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD is not convincing anyone here while testing critical highs, meeting offers and forced lower in Tokyo.

    After a day where the bulls scored a recent high of 0.7709, the highest level since 1 July 2015, AUD/USD has chopped and in recent trade, was drifting below the 20 1hr sma at 0.7667, attracting supply to current low of 0.7647 and meeting 29th March spike high.

    PBOC sets USD/CNY at 6.4612 vs 6.4702 last close

    Data wise, we had a positive ADP outcome as a prelude to this Friday's nonfarm, while earlier in the day, Fed's Evans was speaking on both CNBC and addressing a delegation in NY, however, offered a mixed picture overall in respect to the U.S. economy. Evans overtly dovish, but offered optimism - Westpac

    Today, we had the Australian private sector credit for February +0.6% m/m vs +0.5%expected. We also had the Australian HIA New Home Sales for February at -5.3% vs prior +3.1%.

    AUD/USD levels

    AUD/USD rallied to a high of 0.7709, beating the (18th March high) of 0.7680. 0.7850 (38.2% retracement of move down from 2014) is next upside target. On the flip side, 0.7650 was a resistance yesterday on two occasions and is holding for now. Below here, 0.7510 is next key target below the 200 sma on the 1hr time frame at 0.7569.
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