AUD/USD turns negative near 0.7520

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Aussie dollar has faded part of the initial spike to session highs near 0.7530 vs. the greenback, prompting AUD/USD to slip back to the 0.7520/15 band.

    AUD/USD lower post-US data

    The pair could not sustain the bullish attempt near 0.7540, surrendering part of those gains after US GDP figures have come in stronger that expected for the fourth quarter, advancing at an annual pace of 1.4% vs. 1.0% initially estimated.

    Looking to next week’s calendar, HIA’s New Home Sales are only of note in Oz (Wednesday), while Consumer Spending/Income, PCE and Trade Balance figures will be in the limelight in the US.

    AUD/USD levels to watch

    At the moment the pair is down 0.16% at 0.7516 and a breach of 0.7481 (23.6% Fibo of 0.6824-0.7684) would open the door to 0.7469 (20-day sma) and finally 0.7413 (low Mar.13). On the flip side, the next resistance aligns at 0.7684 (2016 high Mar.18) ahead of 0.7739 (monthly high Jul.1 2015) and then 0.7851 (monthly high Jun.18 2015).
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