AUD/USD: Bulls Taking Back Control on Key Week
AUD/USD has been a drift to the upside to start the week and bulls remain in control. The greenback remains on the back foot after the ECB induced rally in the euro and while there has been a recovery in stocks, oil and metal prices.
There was weekend news from China with the combined readings for the first two-month's of the year showing a continued slowdown in industrial production and retail sales while today,the PBOC set USD/CNY's mid-point at 6.4913 while at the same time, they injected 10bn yuan via 7-day reverse repos. We now turn heads ti the RBA minutes tomorrow and the FOMC later in the week.
AUD/USD levels
AUD/USD has drifted from an opening low of 0.7541 to reach a high of 0.7578. The better bid tone comes after the 0.7331 8-month resistance line that was broken in the early March rally and with the 55 week moving average at 0.7392 also broken. Bulls will target the 19th June weekly stick's high of 0.7796.
AUD/USD has been a drift to the upside to start the week and bulls remain in control. The greenback remains on the back foot after the ECB induced rally in the euro and while there has been a recovery in stocks, oil and metal prices.
(Market News Provided by FXstreet)
