AUD/USD Technical Analysis: March 14, 2017
Trading the Australian dollar was seen to be full of vigor after it has recovered followed by the downtrend. The U.S. payroll reports did not meet the market’s expectations worsened by a reversal but is still high with the low demand for the greenback. The EUR/AUD pair influenced this move as the market now focuses on Euro.
Overall, the U.S. equities accelerated higher driven by metal and mining stocks after a surge in commodities during yesterday's session. On the other hand, the reports on China is anticipated to have increased including the industrial production with 6.2%, fixed-asset investment with 8.3% and retail sales with 10.6%.
The NAB confidence of Australia for the month of February has decreased slightly at figure of seven from the former ten while the business status steadies at an average as figure of nine was seen compared to the previous of sixteen. Although, there is not much impetus to the AUD/USD that declined for some time, it is now in a risky position at .7550 level prior to the release of Chinese data.
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