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AUD/USD weaker, breaks below 0.7500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Aussie dollar is extending its bearish sentiment today, dragging AUD/USD back to sub-0.7500 levels.

    AUD/USD lower on USD-buying

    Spot is retreating for the second consecutive session so far, opening the door for a test of the 0.7480 area, Fibo retracement of the 2016 up-move. A continuation of the USD rally was recently supported by hawkish comments by St. Louis Fed’s J.Bullard at his speech on Wednesday, keeping both commodities and high-beta currencies under further pressure today.

    Absent releases in Oz for the rest of the week, the US calendar will take centre stage with Initial Claims and Durable Goods Orders due later today, while Q4 GDP figures will be in the limelight tomorrow.

    AUD/USD levels to watch

    At the moment the pair is retreating 0.61% at 0.7485 facing the next support at 0.7481 (23.6% Fibo of 0.6824-0.7684) ahead of 0.7447 (20-day sma) and finally 0.7413 (low Mar.13). On the flip side, a surpass of 0.7684 (2016 high Mar.18) would expose 0.7739 (monthly high Jul.1 2015) and then 0.7851 (monthly high Jun.18 2015).
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