AUD/USD is currently consolidating the bid for the week, scoring a fresh low at 0.7608 on the fade for the highs of 0.7680.
AUD/USD has been a strong performer this week, 4th to the pound, Kiwi and NOK, in the face of dollar weakness and a surge in commodity prices. However, we now have a very quiet two weeks ahead for the Aussie and potential for a phase of consolidation. " 2015Q4 house price growth will be old news given we already have Jan/Feb monthly house price data. The private sector credit report should be more important, with the split between owner-occupier and investors remains the focus for the RBA, however," explained analysts at TD Securities.
AUD/USD levels
Karen Jones, chief analyst at Commerzbank explained, "AUD/USD’s move higher has reached the 61.8% retracement at 0.7650/52 and we notice the 13 count on the daily chart and some caution is necessary. The intraday Elliott count is suggesting a retracement to .7520/.7415. "
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