Quotes in the pair AUD/USD went up due to weakening in the USD: analysis and forecast for April 24, 2015

April 24, 2015

Current trend
Yesterday, quotes in the pair AUD/USD went up due to weakening in the USD. The American currency is still under pressure. Poor data on labor market, business activity index in the manufacturing sector and sales in the construction sector brings uncertainty. Market participants begin to doubt that the American economy has recovered sufficiently in order tighten monetary policy. Sales of new homes in March amounted to 481 thousands, which was below the forecast. Initial applications for   unemployment benefits increased by 5 thousand, up to 295 thousands, although it was expected that their level would remain unchanged. According to preliminary data business activity index in the manufacturing sector from Markit fell to 54.2.  

On the other hand, the Australian dollar was supported by inflation data, released on Wednesday. According to the Australian Bureau of Statistics, consumer price index rose to 0.2% in Q1.

Support and resistance

Resistance levels: 0.7820 (Upper line of Bollinger bands), 0.7900 (important psychological level), 0.7938 (highs of 24 March), 0.8000 (important psychological level). 
Support levels: 0.7763 (lows of the Asian session), 0.7710 (lows of Thursday), 0.7675 (bottom line of Bollinger bands), 0.7600 (important psychological level).

Trading tips
Short positions can be opened after breakdown of the level of 0.7760 with the targets of 0.7710 and 0.7675. Buy positions are advisable from the level of 0.7830 with the targets of 0.7900 and 0.7938.

Publication source
LiteForex information  LiteForex reviews

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