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    MARKET ANALYSIS AND NEWS AUDUSD Strength Set to Continue Market News

    AUDUSD Strength Set to Continue

    The ongoing AUDUSD strength looks set to continue and the overnight retracement may be an opportunity.

    The AUDUSD moved above 0.7600 during the early weeks of March the first time since last July. The move extend gains seen since mid-January, which have been in tandem with rallying commodity markets over the same period. Chinese growth concerns peaked in January, and stimulus from global central banks, or expectations thereof, have since soothed investor nerves, while the Australian economy has surprised many in its ability to fare well despite the drop in mining investment.

    The overnight move down could be the opportunity as suggested by the Daily and 4 hour charts. The pair maybe entering a consolidation phase over the next day or two so watch the following levels.

     

    The Daily Chart (above) offers Support around the 0.7450 level and Target 1  0.7690 and a break of this level would suggest the next leg up to Target 2  0.7730.

    The 4 Hour Chart (240 min below) offers Support at 0.7576 and Target 1 0.7650.

     

    2016-03-23_1141

     

    Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.

     

    Click here to access the full HotForex Economic calendar.

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    Stuart Cowell

    Senior Currency Analyst

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

     

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click here to access the full HotForex Economic calendar.


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