3 Mar 2016
AUD/USD clocks three-month high ahead of US data
The broad based USD selling in early US session helped the AUD/USD pair clock a fresh three-month high of 0.7348 ahead of the weekly jobless claims and services PMI data release in the US.
Trades above 200-DMA
The spot rose above 200-DMA on Wednesday for the first time since September 2014 and advanced further on the back of a recover in commodity prices. Copper clocked a three-month high on LME yesterday and advanced 0.50% on Comex today.
The pair currently trades around 0.7340 levels. The traders now await the US data, which is expected to show jobless claims remained unchanged last week and the services PMI dipped slightly in February.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7385 (Dec 4 high), ahead of a major hurdle at 0.7439 (Aug 11 high). On the other hand, a break below 0.7281 (daily low) would expose 200-DMA at 0.7256.
Trades above 200-DMA
The spot rose above 200-DMA on Wednesday for the first time since September 2014 and advanced further on the back of a recover in commodity prices. Copper clocked a three-month high on LME yesterday and advanced 0.50% on Comex today.
The pair currently trades around 0.7340 levels. The traders now await the US data, which is expected to show jobless claims remained unchanged last week and the services PMI dipped slightly in February.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7385 (Dec 4 high), ahead of a major hurdle at 0.7439 (Aug 11 high). On the other hand, a break below 0.7281 (daily low) would expose 200-DMA at 0.7256.