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Chinese Data

The AUD/USD Holds the 0.7600 Level

Posted Monday, March 29, 2021 by
Rowan Crosby • 1 min read

The AUD/USD has been managing to hold on after a resurgent USD put pressure on the majors across the board.

The USD has been the main driver of price for the AUD/USD and we’ve seen it moving both ways. However, last week, price broke out on the US Dollar Index and we can now see that for the time being the bulls are in control.

That said, the Aussie traded down to the 0.7600 level and did find support in a region that has proven to have steady buying in the past.

At the same time, the higher USD will continue to put pressure on key commodities of which Australia is a major exporter. So there are a few reasons the Aussie is under pressure at the moment.

 

Key Data

There is a little bit of data around in an Easter shortened week, with some China numbers some of most interest to me.

We will get a look at both the manufacturing PMI and private number out of China which is expected to show that there has been an ever so slight improvement over the prior month.

On the home front, we are waiting on retail sales, which should be slowly getting back to normal, however, the February reading is still negative.

For me, I think we can remain bullish on the Aussie for the short-term, given that 0.7600 level has held. Shuold it drop though, all bets are off.

We could also see some volilty thanks to the US non-farm payroll data, however, this is due for release on Friday.

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