AUD/USD: Bulls Back in Charge, Hunting Down R1

AUD/USD: Bulls Back in Charge, Hunting Down R1

23 March 2016, 04:14
Roberto Jacobs
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AUD/USD: Bulls Back in Charge, Hunting Down R1

AUD/USD has continued with the bid from 0.7631 1hr lows after the PBoC fix and post the strong recovery that was offering decent two way business throughout the overnight sessions and set up better bid Aussie in Asia.

PBOC sets USD/CNY at 6.4936 vs 6.4971

The sad Brussels tragedy instigated a fall in risk on the knee jerk that was recovered soon after post a drop from 0.7551 before a short squeeze to surpass the initial drop zone with a continued bid in Tokyo's session today and despite dovish Fed members turning hawkish, ( Fed's Evans transformation from dove to hawk).

While we are quiet on the calendar, the main events ahead for the week in the US are Durable goods (Thursday 12:30 gmt), Q4 GDP (third estimate) (Friday 12:30 gmt). For the following month, we look forward to data from China's manufacturing and US nonfarm payrolls at the start of April.

AUD/USD levels

AUD/USD's pivot is 0.7606 with R1 at 0.7681 (17th March highs) and R2 at 0.7700. Analysts at Westpac explained that pullbacks may be seen in the short term but should be limited to the 0.74/0.75 area. "Medium term momentum is slowing though longer term is still pointing higher. Sidelines for now."

(Market News Provided by FXstreet)

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