The Australian dollar spent the week knocking against major support at 0.7600 and if the line held its long-term strength is very much in doubt, Joseph Trevisani, an Analyst at FXStreet, reports.
Key quotes
“The combination of strong USD fundamentals and weak technical support for the AUD will likely send the aussie lower this week.”
“Having spent the entire year above 0.7600 the likelihood of AUD/USD selling orders just beneath support is quite high. If 0.7600 is breached the first notable support is 0.7530.”
“Australian data in the week ahead is from February and of little import. The US Nonfarm Payrolls report on Friday is expected to add 500,000 new jobs and if accurate will further enhance the economic outlook, Treasury rates and the dollar.”
“The array of recent vintage resistance lines starting at 0.7660 will prove good levels to establish new short positions should the AUD/USD move higher.”
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