AUD/USD turns positive above 0.7500 amid thin trades

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The AUD caught fresh bid tone over the last hour, sending AUD/USD back above 0.75 handle amid a lack of fresh fundamental triggers as the Australian markets remain closed on account of Easter Monday.

    AUD/USD testing 5-DMA at 0.7517

    Currently, the AUD/USD pair trades modestly flat at 0.7512, having posted fresh daily highs at 0.7516, just shy of 5-DMA. The Aussie is seen making minor recovery attempts on 0.75 handle, bringing a pause to its three straight sessions of losses, as the US dollar appears to stall its bullish run ahead of a series of fresh US dataflow due later today.

    More so, the renewed optimism seen on the Asian equities alongside a recovery in gold and copper prices also underpin the sentiment around the resource-linked Aussie.

    Meanwhile, focus now remains on the US docket, with a string of crucial macro releases expected to flow in the week ahead. Fed Chair Yellen’s speech and the US payrolls data are likely to hog the limelight.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7562/62 (1h 200-SMA/ 10-DMA/) 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 0.7475 (Mar 24 Low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7409/07 (Mar 9 & 8 Low).
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