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Aussie struggles amid range bound trade; USD extends recovery

Friday 31st of March

Australian Dollar:

The Australian Dollar edged marginally lower through trade on Thursday succumbing to broader US Dollar gains while holding onto a tightening trading band. Having broken higher in early trade to touch 0.7680 the Aussie shifted downward and moved back through 0.7650 touching intraday lows at 0.7641. The Aussie has again fallen into a range bound pattern and is struggling to break outside levels between 0.7580 and 0.7730. Having failed to break topside resistance investors are seeking a catalyst to break trading patterns with a move through 0.76 and a 200 day moving average at 0.7550 could signal a deeper move lower toward supports at 0.7380. Attentions now turn to a raft of U.S macro drivers for direction into the weekend. 

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Today's expected range

AUD / USD
0.7580 - 0.7730
NZD / USD
0.6830 – 0.7030
GBP / AUD
1.6200 – 1.6400

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Last Week Market Recap

Monday 20th March 2017

Reversed direction, gaining ground last week as the U.S. Fed raised interest rates and despite lower than expected employment numbers out of Australia. The rate began the week gaining after making its weekly low of 0.7579 on Monday in the absence of any significant data out of either country. The pair then lost a fraction on Tuesday as the United States reported better than expected PPI data. On Wednesday, the rate gained sharply, making its weekly high of 0.7718 after the FOMC raised the Fed Funds Rate to 1.0% from 0.75%. The rate then lost ground on Thursday after Australia reported Employment Change declined by -6.4K versus an expected increase of +16.3K, while the Australian Unemployment Rate increased to 5.9% from 5.7%. The pair resumed its rally on Friday as the United States reported mixed economic numbers. AUD/USD closed the week at 0.7703, with an overall gain of +2.7% for the week. 

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