AUD/USD: outlook still bullish despite commodity sell-off – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair advanced up to 0.7593, a fresh 8-month high, before shedding some 100 pips on the back of a strong decline in commodities´ prices.

Key Quotes:

“The Reserve Bank of Australia will publish the Minutes of its latest meeting during the upcoming hours, but it’s hardly expected to trigger some moves in the Aussie, given that Governor Stevens has anticipated most of its content during the statement following the meeting earlier this month.”

“Chinese economic slowdown also weighs over the Aussie as China’s Industrial production rose a weaker-than-expected 5.4% y/y in February and Retail Sales climbed a slower-than-forecast 10.2% y/y.

Nevertheless, sentiment towards the antipodean currency is still bullish, and there are no technical confirmations of a top having taken place.”
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Source:: FX Street