AUDUSD Strength Set to Continue
The ongoing AUDUSD strength looks set to continue and the overnight retracement may be an opportunity.
The AUDUSD moved above 0.7600 during the early weeks of March the first time since last July. The move extend gains seen since mid-January, which have been in tandem with rallying commodity markets over the same period. Chinese growth concerns peaked in January, and stimulus from global central banks, or expectations thereof, have since soothed investor nerves, while the Australian economy has surprised many in its ability to fare well despite the drop in mining investment.
The overnight move down could be the opportunity as suggested by the Daily and 4 hour charts. The pair maybe entering a consolidation phase over the next day or two so watch the following levels.
The Daily Chart (above) offers Support around the 0.7450 level and Target 1 0.7690 and a break of this level would suggest the next leg up to Target 2 0.7730.
The 4 Hour Chart (240 min below) offers Support at 0.7576 and Target 1 0.7650.
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Janne Muta
Chief Market Analyst
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Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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