Aussie pulling back testing previous uptrend line

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Friday, Feb 26 2016

There were no data releases from Australia this morning, with Aussie pulling back after yet again unsuccessful attempt to break above 0.7250 area. On the back of renewed strength in commodity prices and reduced expectations for the US rate hikes in the year head, the Australian dollar has been resilient of late.After plumbing a fresh six-year low of .6824 on January 15, the Aussie has rallied by nearly 6% over the past six weeks, leaving it trading at .7238 against the US dollar, near the highest level seen this year.

While it is difficult to see the immediate catalyst for an imminent decline in either the AUD or NZD, and it is certainly true that the multi-year declines in AUD and NZD appear to be quite mature, these sorts of metrics suggest there is still further downside from current levels in trade weighted terms before the current deprecation cycle completes.

Aussie is currently being traded around 0.7210 area. Pair is likely to find support around 0.7150 handle and resistance above 0.7250 level. Later today, in the US session, GDP and Revised Consumer Confidence figures are scheduled for a release.

More in this category: « US Durable Goods Orders rose by 4.9% UK consumer confidence at the lowest level in over a year »

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