Forex Market: AUD/USD trading outlook for March 14th

Friday’s trade saw AUD/USD within the range of 0.7447-0.7583. The pair closed at 0.7564, soaring 1.48% on a daily basis. It has been the 8th gain in the past 10 trading days and also the steepest one since March 2nd, when the pair went up 1.66%. The daily high has been the highest level since July 3rd 2015, when a high of 0.7650 was registered. In weekly terms, AUD/USD added 1.64% to its value during the current week. It has been the 6th gain in the past 10 weeks and also a second consecutive one. The pair has appreciated 5.91% so far during the current month, following a 0.80% advance in February.

No relevant macroeconomic reports and other events, which may influence AUD/USD, are scheduled on Monday (March 14th).

Correlation with other Majors

Taking into account the week ended on March 11th and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:

AUD/USD to USD/JPY (0.8464, or very strong)
AUD/USD to GBP/USD (0.8397, or very strong)
AUD/USD to EUR/USD (0.3852, or moderate)
AUD/USD to NZD/USD (0.0790, or very weak)
AUD/USD to USD/CHF (-0.5580, or strong)
AUD/USD to USD/CAD (-0.8466, or very strong)

1. During the examined period AUD/USD moved strongly in the opposite direction compared to USD/CHF.

2. AUD/USD moved almost equally in one and the same direction with GBP/USD and USD/JPY during the current week, while moving almost equally in the opposite direction compared to USD/CAD.

3. AUD/USD moved almost independently compared to NZD/USD during the period in question.

Daily and Weekly Pivot Levels

By employing the traditional calculation method, the Monday pivot levels for AUD/USD are presented as follows:

Central Pivot Point – 0.7531
R1 – 0.7616
R2 – 0.7667
R3 – 0.7752

S1 – 0.7480
S2 – 0.7395
S3 – 0.7344

By using the traditional method of calculation again, the weekly pivot levels for AUD/USD are presented as follows:

Central Pivot Point – 0.7513
R1 – 0.7634
R2 – 0.7703
R3 – 0.7824

S1 – 0.7444
S2 – 0.7323
S3 – 0.7254