AUD/USD weak ahead of RBA, posts fresh five-day lows at 0.7570

FX:AUDUSD   Australian Dollar / U.S. Dollar
234 0 6
Dismal Australia trade data along with widespread risk aversion weighing heavily on the high-yielding Aussie.

Bears tightened their grip pushing AUD/USD             to fresh five-day lows at 0.7570.

Australia's trade deficit expanded from $3.16 billion in January to $3.41 billion in February, against expectations of a $2.44 billion gap.

Asian indices trade weaker, Japan’s Nikkei is down -2.12%, Australia’s ASX 200             slides -1.32% and the Chinese benchmark, the Shanghai Composite             index drops -0.30%.

Immediate focus remains on the RBA cash rate decision, markets expecting no change to policy, although some jawboning on the AUD levels, given the recent appreciation, cannot be ruled out.

Pair also to be influenced by US services PMI and JOLTS jobs openings data due later today. Major focus will remain on FOMC minutes due tomorrow for fresh cues on the US interest rates outlook.

Technical outlook for the pair remains majorly bearish , with strong trendline support at 0.7555. Breaks below could see test of 0.7510 and then 0.7480 levels.

Our previous call (link below) has hit target 1 and is approaching target 2.

Recommend lowering trailing stop to 0.76, target 0.7510/ 0.7480 ob breaks below 0.7555
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out