RBA releasing its latest meeting minutes on Tuesday forex traders will be fixed on central bank events in the days ahead. Besides, Fed Chair Yellen will hold a press conference early Thursday Pacific time.
The probability of a June move is now 51%, from less than 2% a month ago, data compiled by Bloomberg show.
The Australian dollar opened lower today led by weak China data over the weekend. Overall the AUD has continued at an eight-month high.
The Australian dollar is predicted to gradually appreciate against the US dollar and reach the vicinity of 0.78 by the end of the year, provided global risk appetite remains stabl-Lloyds Bank
“Australia is seemingly reaping the benefits of diversification away from commodity-based industry towards the services sector, as GDP growth for Q4 2015 rose to 3% and the trade deficit narrowed from A$3,535m to A$2,937m.”
Earlier as we forecast, “a daily close below 0.7390 might cap the near term trend until, 0.7530, 07600 and 0.7700 is an open target” and “a weekly close above 0.7400 might aim at 0.7530 and 0.7650 levels-activated last week- activated” high made 0.7583.
In the monthly chart, 20sma seems at 0.7660 above this 200Dsma seems at 0.7865.In the weekly chart, 100weeks moving averages seems between 0.7885 and 0.8020 levels.
Finally, the cross manages to close above 20&50Wsma after August 2015.
Trading support finds at 0.7520, 0.7490 and 0.7460
Resistance seems at 0.7560, 0.7600 and 0.7660
Also read: China Industrial Production review