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5 May 2016
AUD/USD: extending losses in a potential reversal of 2016 uptrend
AUD/USD has continued to the downside and extending into a reversal of the 2016 rally on the daily sticks, trading below the 50 dma at 0.7556.
AUD/USD printed a new low of 0.7451, 100 pips below the 50 dma and looks like there has been some bargain hunting going in the greenback having continued with the comeback and extending yesterday's intra-session gains. Industrial metal prices dropped along with oil and markets are still selling the Aussie on the back of the RBA's cut and recent CPI data forcing the hand of the Central Bank. For today, we retail sales and trade balance while we will also have the nonfarm payrolls at the end of the week.
Extra reading: Nonfarm Payrolls - "Fuhgeddabouit"!
AUD/USD levels
AUD/USD slipped to the 2016 uptrend line at 0.7550 and took that out to then break 0.7477, the late March low and made fresh lows of today of 0.7451 with next target set on 0 .7416 (16th March low). Then, we have the October and November highs at 0.7384/81. On the flip-side, intraday rallies should terminate at 0.7680, the mid-March high, according to analysts at Commerzbank. First, the market will need to challenge 0.7550/00 in a correction.
AUD/USD printed a new low of 0.7451, 100 pips below the 50 dma and looks like there has been some bargain hunting going in the greenback having continued with the comeback and extending yesterday's intra-session gains. Industrial metal prices dropped along with oil and markets are still selling the Aussie on the back of the RBA's cut and recent CPI data forcing the hand of the Central Bank. For today, we retail sales and trade balance while we will also have the nonfarm payrolls at the end of the week.
Extra reading: Nonfarm Payrolls - "Fuhgeddabouit"!
AUD/USD levels
AUD/USD slipped to the 2016 uptrend line at 0.7550 and took that out to then break 0.7477, the late March low and made fresh lows of today of 0.7451 with next target set on 0 .7416 (16th March low). Then, we have the October and November highs at 0.7384/81. On the flip-side, intraday rallies should terminate at 0.7680, the mid-March high, according to analysts at Commerzbank. First, the market will need to challenge 0.7550/00 in a correction.