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AUD/USD weaker, bounces off 0.7580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a brief test of daily lows near 0.7580, AUD/USD has regained the 0.7600 neighbourhood amidst a generalized softer tone in the risk-associated space.

    AUD/USD choppy, eyes on risk trends

    Choppy week for the Aussie dollar so far, today retracing part of yesterday’s significant advance and wobbling around the 0.7600 handle. However, gains north of the 0.7650 area remains elusive for the time being, prompting investors to consider the likeliness that a top near 0.7700 could be in place.

    Nothing scheduled on the Australian data front for the rest of the week, while today’s New Home Sales are due in the US docket ahead of Friday’s more relevant Q4 GDP figures.

    AUD/USD levels to watch

    At the moment the pair is losing 0.08% at 0.7614 facing the next hurdle at 0.7684 (2016 high Mar.18) followed by 0.7739 (monthly high Jul.1 2015) and then 0.7851 (monthly high Jun.18 2015). On the other hand, a breakdown of 0.7481 (23.6% Fibo of 0.6824-0.7684) would open the door to 0.7438 (20-day sma) and finally 0.7413 (low Mar.13).
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