22 Februari 2016 1:47 AM
AUD/USD is currently trading at 0.7158 with a high of 0.7166 and a low of 0.7135 with some underlying support in the commodities sector, specifically in the metals, albeit meeting supply at time or writing.
People’s Bank of China (PBOC) set the yuan reference rate at 6.5165 vs Friday's midpoint of 6.5186.
The week ahead will be a busy one for the major commodity currency while Capex is released along with a number of US data and Fed speakers hitting the wires. Capex will be a key release as Australia needs to see an improvement in investment internally, specifically in the services sector.
Similarly, the US will release key domestic data and the markets will be scrutinizing every release while the Fed battle with global headwinds in respect to the decision making process for addition hikes in 2016.
Key events ahead in G10 - Nomura
Of late, "Commodity currencies have benefited from the rebound in oil prices", noted analysts at ANZ. "Both AUD and NZD saw net buying of USD0.1bn each."
AUD/USD levels
AUD/USD has broken up away from the 100 and 50 sma on the hourly sticks, RSI (14) is at 63 and heading towards overbought readings, albeit with some way to go yet and seeking out R1 at 0.7186 and R3 at 0.7281, above recent highs of 0.7243 offered.
On the flip side, S1 is located at 0.7091 and S3 at 0.6996 on losing the 0.70 handle with 0.6983 as recent lows on 11th Feb guarding 0.7023 Feb low and 0.6834 2016 lows.
AUD/USD is currently trading at 0.7158 with a high of 0.7166 and a low of 0.7135 with some underlying support in the commodities sector, specifically in the metals, albeit meeting supply at time or writing.
(Market News Provided by FXstreet)
