Since 2011 the Aussi/dollar pair has been on a corrective WXYZ Elliott Wave structure on the weekly chart. On the bigger time frames (weekly, daily and 4-hour) AUD/USD has been moving on a clear down trend. So to enter a trade you must ask yourself, which side would you trade this pair?
Today’s only notable economic data releases came from Canada, where the results were somewhat mixed. Inflation data was relatively solid, with CPI rising 0.9% m/m in February versus expectations of a 0.7% rise.
The second half of the North American trading day wasn’t too compelling if you were watching charts as a healthy portion of traders were likely taking extended lunches to enjoy the start of the NCAA Tournament.
Rebounding from steep losses in the previous session on a more cautious than expected Federal Reserve statement on interest rates, the dollar rose broadly on Thursday as investors remained bullish on the greenback.
Will the Chinese Year of the Goat see a prolonged weakness in the yuan by the People’s Bank of China? (PBOC) The yuan fell 3% against the U.S. dollar between October 2014 and mid-February 2015, and lost 4% during the first five months of 2014.