0.93 was certainly a tough hurdle for the Aussie, which was capped by this level several times and suffered one false break of this line after the US Non-Farm Payrolls report.
But now, the pair finally makes a decisive break above this line, pausing at the next line of resistance at 0.9325, yet this could be a temporary stop. AUD/USD is now at the highest levels since November 2013.
This is how it looks on the chart:
Earlier, the NAB Business Confidence in Australia scored 4 points in March, worse than 7 in February, but his had little impact. It seems that the strength came thanks to a general sell off of the US dollar in the wake of the European session.
The RBA hasn’t changed its language too much, but it is quite safe to assume that if the pair crosses the round 0.95 line, we could hear Stevens and co. trying to talk down the currency. A lower A$ is needed for enabling the economy to diversify away from the dependence on mining.
The biggest event for the Aussie this week is the release of the employment figures early on Thursday. Stay tuned for a preview of the event.
For more levels, analysis and events, see the Aussie USD forecast.
