AUD/USD bears testing bulls commitments at key 0.7500

By FXStreet AUD/USD is testing the bulls commitments around the 0.75 handle as Asia gets going, following the downside activity that took place overnight in the commodity sector.

Big action in the commodities sector and currencies – Westpac

AUD/USD had otherwise been looking robust the 17th March rally that had lead to a number of scores through the 0.76 handle and recoveries from subsequent fades while in the absence of bears in the commodity markets. However, as we head towards big US data, commodities are tanking, with iron ore futures now down -5.4% and making the biggest drop since November.

This all started overnight:

AUD/USD: declines expected below 0.75 handle – FXStreet

For the day ahead, Meanwhile, we wait for the US GDP and durable goods ahead of the Bank holiday weekend and then the Chinese manufacturing data before the nonfarm payrolls to make a big impact at the start of April.

PBOC sets USD/CNY at 6.5150 vs 6.4936 last fix

AUD/USD levels

AUD/USD risks are to the downside, while a correction with hunt down a test of the 0.7550 level and the 4hr 50 sma just above it at 0.7560. The 4hr 100 sma at 0.7490 is currently last defence before the …read more

Source:: FX Street