AUD/USD: Bulls chasing the 3 year high

Mark O’Donnell Blackbull Markets Limited

Is the AUDUSD pulling out of its 3-day bull run for a short-term period of consolidation? Or will there be a sustained consolidation moving forward?

AUD Bulls could still be aiming for 0.7850, or even further afield to the 0.80000, a peak reached in February for the first time since 28 Jan 2018.

Or will Bears take control? AUD bears haven't been doing things by halves (as highlighted in yellow). Perhaps they will break through 0.770 in retaliation, heading for 0.7580.

For next week, many issues to watch out for: Australia's March retail figures are out next week, CBA reports on manufacturing, NAB's business confidence report, and RBA meeting minutes. Information coming from the US are thin in the coming week. All eyes will be on Australia.

Author

Mark O’Donnell

Blackbull Markets Limited

Mark O’Donnell is a Research Analyst with BlackBull Markets in Auckland, New Zealand.

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