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14 Apr 2015
AUD/USD: Bulls finally able to come up for air
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7613 and on the bid with a high of 0.7621 and a low of 0.7580.
AUD/USD has otherwise been a slow play in Asia and overnight with the downside suffocating the bulls until the latest bit of Aussie data to hit the wires. The Aussie has popped up on to the 0.76 handle to test the supply in the local currency. The data came in the form of Australia's NAB Business Conditions. These rose from previous 2 in February to 6 in March, while business confidence came at 3 vs 0 previous. The jump in the price came from the lift that was particularly pronounced in the mining sector and this will be taken in to consideration by the RBA at the May meeting, but in the mean time, we are awaiting the key Jobs data later this week. Should this could equate to a sharp decline in performance, and if so there would be a subsequent sell-off in the Aussie in anticipation of a rate cut from the RBA next month.
Technically, Karen Jones, chief analyst at Commerzbank explained that a move below 0.7534 lies the two month support line at 0.7503. "Once it has given way, the October 2006 low at 0.7416 will be in focus, followed by the 0.7369 July 2005 low. Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached."
AUD/USD has otherwise been a slow play in Asia and overnight with the downside suffocating the bulls until the latest bit of Aussie data to hit the wires. The Aussie has popped up on to the 0.76 handle to test the supply in the local currency. The data came in the form of Australia's NAB Business Conditions. These rose from previous 2 in February to 6 in March, while business confidence came at 3 vs 0 previous. The jump in the price came from the lift that was particularly pronounced in the mining sector and this will be taken in to consideration by the RBA at the May meeting, but in the mean time, we are awaiting the key Jobs data later this week. Should this could equate to a sharp decline in performance, and if so there would be a subsequent sell-off in the Aussie in anticipation of a rate cut from the RBA next month.
Technically, Karen Jones, chief analyst at Commerzbank explained that a move below 0.7534 lies the two month support line at 0.7503. "Once it has given way, the October 2006 low at 0.7416 will be in focus, followed by the 0.7369 July 2005 low. Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached."