USD Trading Outlook (31-03-2015)

AUD/USD Bear pressure remained on AUD/USD during NY’s session. The pair sat near 0.7670 into the open and was weighed upon immediately. The combination of upped concerns for an RBA rate cut, new trend low for iron-ore and a broad based USD bid had the pair slide below the March 20 low and T-L off the March low. Adding weight to the pair was AUD/NZD hitting a new trend low and steady buying of EUR/AUD which saw that pair lift near 1.4180. AUD/USD hit a low of 0.7633 before rebounding. The USD’s rise abated a bit as did EUR buying. AUD/USD lifted and sat near 0.7660 late in the day. Asia traders have the Fed’s Fischer speech and Oz Feb private sector and housing credit data to contend with. Reaction might be limited though as the markets won’t push too far ahead of the upcoming holidays and US jobs report on Friday.