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AUD/USD takes-out Monday’s high, what next?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The ongoing bullish momentum in the Australian dollar found fresh legs in the mid-Asian trades, driving AUD/USD well beyond the mid-point of 0.75 handle.

    AUD/USD trades above all major DMAs

    Currently, the AUD/USD pair trades 0.27% higher near fresh three-day highs of 0.7567, just a whisker away from hourly 200-SMA located at 0.7572. The bulls are extending their control this Tuesday, completely unperturbed by the minor upward correction seen in the greenback against its six major peers as well as by the heavy decline in the Australian equities.

    The Aussie is seen accelerating to the upside and now targets 0.76 barrier, as the underlying strength seen in its OZ neighbour, Kiwi, continues to underpin.

    Further, the overnight recovery in the gold prices also collaborates to the northwards bias in the AUD/USD pair. Gold pulled away from one-month lows and now trades around $ 1220 levels.
    In the meantime, markets now look forward to US economic event due to today, the consumer confidence data. While Fed Chair Yellen’s speech in New York is expected to grab the eyeballs.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7572 (1h 200-SMA) above which gains could be extended to the next hurdle located at 0.7600 (round number). On the flip side, the immediate support located at 0.7540/37 (20-DMA/ Daily Low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7500/ 0.7493 (Mar 28 Low).
    For more information, read our latest forex news.
     

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