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24 Mar 2016
AUD/USD hit on commodities and strong greenback
AUD/USD is entering Asia on the back-foot haven lost the 0.76 handle and previous attempts by the bulls running out of conviction.
The commodity sector was a poor turnout in the US, following Asia's sell off, with copper taking a wallop from 2.2985 down to 2.2325, oil $41.29 to $39.65 and gold dropping $34.00. Subsequently, the price penetrated the 10 dma at 0.7557 and the greenback soared.
We now look ahead to the US data for Thursday and onward, with particular attention on US GDP and durable goods ahead of the Bank holiday weekend and start of April next week that brings Chinese manufacturing data and nonfarm payrolls.
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet offered the Short-term outlook from the 1 hour chart that points for some additional slides, "given that the technical indicators are heading lower, despite being in oversold territory, while the 20 SMA turned sharply lower, almost 100 pips above the current level." S2 is located at 0.7512 and S3 at 0.7473.
The commodity sector was a poor turnout in the US, following Asia's sell off, with copper taking a wallop from 2.2985 down to 2.2325, oil $41.29 to $39.65 and gold dropping $34.00. Subsequently, the price penetrated the 10 dma at 0.7557 and the greenback soared.
We now look ahead to the US data for Thursday and onward, with particular attention on US GDP and durable goods ahead of the Bank holiday weekend and start of April next week that brings Chinese manufacturing data and nonfarm payrolls.
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet offered the Short-term outlook from the 1 hour chart that points for some additional slides, "given that the technical indicators are heading lower, despite being in oversold territory, while the 20 SMA turned sharply lower, almost 100 pips above the current level." S2 is located at 0.7512 and S3 at 0.7473.