Back
3 Apr 2015
AUD/USD snaps five-day losing streak
FXStreet (Mumbai) - The AUD/USD pair strengthened on Monday, after having suffered losses for five consecutive sessions.
Aussie supported by upbeat Chinese services PMI
The pair managed to strengthen moderately after China’s services PMi in March rose to 52.3 from the previous figure of 52.00. The upbeat data managed to shift market attention from the falling iron prices, which helped the pair witness a relief rally.
However, the gains have been capped near 5-DMA at 0.7608 on expectations that the Reserve Bank of Australia will cut rates next week. The pair would also be influenced by the US Non-farm payrolls data that may give clues to when the Federal Reserve will raise interest rates.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7608 (5-DMA), above which gains could be extended to 0.7642 (Feb. 12 low). On the flip side, support is seen at 0.7569, under which the pair could re-test the six-year low of 0.7531.
Aussie supported by upbeat Chinese services PMI
The pair managed to strengthen moderately after China’s services PMi in March rose to 52.3 from the previous figure of 52.00. The upbeat data managed to shift market attention from the falling iron prices, which helped the pair witness a relief rally.
However, the gains have been capped near 5-DMA at 0.7608 on expectations that the Reserve Bank of Australia will cut rates next week. The pair would also be influenced by the US Non-farm payrolls data that may give clues to when the Federal Reserve will raise interest rates.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7608 (5-DMA), above which gains could be extended to 0.7642 (Feb. 12 low). On the flip side, support is seen at 0.7569, under which the pair could re-test the six-year low of 0.7531.