10 Mar 2015
AUD/USD: Fading the minor recovery, target 0.7602 lows
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7644 with a high of 0.7708 and a low of 0.7602.
AUD/USD is finding supply coming in at 0.7680 post the minor rebound that didn't leave any impression on the bears and only gives rise to a fading strategy. Should there be further attempts at the top side, 0.7720 is next land mark. The theme however remains with the downside and this is upon a strong US dollar, riding the wave of decent jobs numbers of last Friday's business. Key to this is yet again, the numbers came in beating expectations fuelling speculation for a hike in June from the Fed.
This week brings the Australian employment and unemployment figures that the market will be keenly watching, while overnight news gave us a disappointing business climate and signalled that perhaps the RBA has not done enough.
Technically, the pair has penetrated the Feb low which was a very bearish move and below here there is very little apart from the base of the 2 year down channel at 0.7528 ahead of 0.7335, being the 50% retracement of the move up from 2001. first up, to take out the lows and the 0.76 psychological support.
AUD/USD is finding supply coming in at 0.7680 post the minor rebound that didn't leave any impression on the bears and only gives rise to a fading strategy. Should there be further attempts at the top side, 0.7720 is next land mark. The theme however remains with the downside and this is upon a strong US dollar, riding the wave of decent jobs numbers of last Friday's business. Key to this is yet again, the numbers came in beating expectations fuelling speculation for a hike in June from the Fed.
This week brings the Australian employment and unemployment figures that the market will be keenly watching, while overnight news gave us a disappointing business climate and signalled that perhaps the RBA has not done enough.
Technically, the pair has penetrated the Feb low which was a very bearish move and below here there is very little apart from the base of the 2 year down channel at 0.7528 ahead of 0.7335, being the 50% retracement of the move up from 2001. first up, to take out the lows and the 0.76 psychological support.