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15 Apr 2015
AUD/USD awaits key data releases within ranges
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7613 a high of 0.7643 and a low of 0.7571.
AUD/USD has been in demand and holding the bears off for the time being, while the greenback is under-performing this week, mixed on the outlook on the economic recovery. With the IMF downgrading their forecasts for global growth and the effects on the US, markets are pulling back form the notion that the Fed need to act as soon as June. Meanwhile, we have the beige book coming up today and the Aussie employment data in the Asian shift. There could be some volatility to come in the pair while we remain in the broader ranges for now.
Technically, Karen Jones, chief analyst at Commerzbank explained that her team of analysts retain their bearish forecast while the February and March highs at .7912/38 cap on a daily chart closing basis. "A daily close above the .8034 early January low is needed to negate medium term downside pressure (Not favoured). Initial resistance is the 2014-2015 resistance line, which is located at 0.7773."
AUD/USD has been in demand and holding the bears off for the time being, while the greenback is under-performing this week, mixed on the outlook on the economic recovery. With the IMF downgrading their forecasts for global growth and the effects on the US, markets are pulling back form the notion that the Fed need to act as soon as June. Meanwhile, we have the beige book coming up today and the Aussie employment data in the Asian shift. There could be some volatility to come in the pair while we remain in the broader ranges for now.
Technically, Karen Jones, chief analyst at Commerzbank explained that her team of analysts retain their bearish forecast while the February and March highs at .7912/38 cap on a daily chart closing basis. "A daily close above the .8034 early January low is needed to negate medium term downside pressure (Not favoured). Initial resistance is the 2014-2015 resistance line, which is located at 0.7773."