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AUD/USD Rose to 0.7835, Slides back to 0.7765 in Europe

Posted by Chris Advincula on Mar 23, 2015 4:50:00 AM

AUD.3.23 resized 600WorldWideMarkets Alpha Trader

The Australian Dollar made a brief rally to the intraday high of 0.7835 (4:00 GMT Monday) from 0.7770 in the prior Asian session as the US Dollar remained under pressure. The inital 65 pip gain was also inspired by the equity market gains in Tokyo. Nikkei +0.99% to 19,954.

However, the gains were capped immediately at the start of the European session and pushed the rate lower back to 0.7765 resting on the 14-day moving average support at 0.7760.

The dollar index edged down about 0.1% to 97.83 slipping away from the recent 12-year highs.

With a light economic data calendar today, expect bouts of profit-taking of positions and cross plays. EUR/AUD has fallen from 1.3950 to 1.3825 met with short covering to 1.3900.

ECB President Mario Draghi will address the EU parliament in Brussels today at 14:00 GMT.

Topics: AUDUSD, forex trading, European Session, Fundamental Analysis, Australian Dollar

 

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