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13 Mar 2015
AUD/USD: Bearish bias remains below 0.7836
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7700 with a high of 0.7708 and a low of 0.7699.
AUD/USD is looking for a weekly close in Asia on the 0.77 handle with markets off loading the greenback on concerns of the implications for a strong US dollar in the current global economic framework, with the DXY hitting the 100 mark and the euro down below 1.05 before recovering up towards 1.0700. Fundamentally from Australia, the Aussie took some relief from consensus-beating employment data when the economy added 15.6K new jobs in February with the unemployment rate falling to 6.3%.
Technically, the pair is now off the 5 year low scored earlier in the week but failures below 0.78 could set the pair back on course for the base of the 2 year down channel at 0.7528 and quite quickly if bullish fundamentals driving the greenback return. However, Karen Jones, chief analyst at FXStreet expects it to hold the initial test but did suggest, "An overall negative bias is maintained below the downtrend at 0.7836."
AUD/USD is looking for a weekly close in Asia on the 0.77 handle with markets off loading the greenback on concerns of the implications for a strong US dollar in the current global economic framework, with the DXY hitting the 100 mark and the euro down below 1.05 before recovering up towards 1.0700. Fundamentally from Australia, the Aussie took some relief from consensus-beating employment data when the economy added 15.6K new jobs in February with the unemployment rate falling to 6.3%.
Technically, the pair is now off the 5 year low scored earlier in the week but failures below 0.78 could set the pair back on course for the base of the 2 year down channel at 0.7528 and quite quickly if bullish fundamentals driving the greenback return. However, Karen Jones, chief analyst at FXStreet expects it to hold the initial test but did suggest, "An overall negative bias is maintained below the downtrend at 0.7836."