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24 Aug 2016

AUD/USD: losing steam on the bid, 0.76 handle under threat

AUD/USD is currently on the offer from the 0.7458 200 sma on the 1hr chart down to 0.7613 lows so far as the dollar picks up, fending off the bears.

There has not been a catalyst for the Aussie thus far and focus remains with the RBNZ for the antipodeans and a less dovish tone coming from Wheeler yesterday that has supported the commodity bloc while oil also joined the party and started to make a comeback overnight, albeit capped and sold-off along with Gold preventing further gains in the Aussie. The Jackson Hole will remain the key event for the week along with the US GDP on Friday. Meanwhile, the US dollar index was little changed overnight, albeit a little soft after some disappointing US data

Analysts at Westpac offered an outlook for AUD/USD from 1to 3 months, "The RBA’s easing bias combined with the Fed’s tightening bias should push the AUD lower towards 0.74 by year end, although recent BOE and BOJ easing have made the AUD even more attractive to global investment flows such that a test of 0.78 is possible first." Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, "the price is also below a bearish 20 SMA, while the technical indicators turned south and are currently entering negative territory, supporting a downward extension on a break below 0.7600, a strong Fibonacci support."

AUD/USD levels

With spot trading at 0.7615, we can see next resistance ahead at 0.7616 (Weekly Low), 0.7617 (Daily Classic PP), 0.7619 (Daily High), 0.7625 (Daily 20 SMA) and 0.7630 (Hourly 20 EMA). Support below can be found at 0.7615 (Daily Open), 0.7613 (Yesterday's Low), 0.7612 (Daily Low), 0.7593 (Daily Classic S1) and 0.7568 (Weekly Classic S1).

 

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