AUD/USD: upside targets 200 dma at 0.7282

AUD/USD is currently making string advances on the daily opening stick this week, commencing overnight on Asia on stronger commodities, specifically in the metals, and yet another Australian Bank, Westpac, raised its rates across a number of business loans and lines of credit.

RBA's Debelle provided the opening remarks at the KangaNews Conference underway in Sydney. "There were no monetary policy takeaways. His speech focused on interest setting benchmarks and details on proposed instruments and methodology for BBSW rate sets along with some commentary on establishing a risk free benchmark," explained analysts at TD Securities.

AUD/USD data events

Today, there was yet another miss and contraction in the manufacturing sectors data with 51.0 vs 52.0 expected vs 52.4 prior for Feb PMI, adding to the upside in the major commodity currency vs the greenback today. The key focus will come in Australia's Capex Q4 on Thursday in Asia.

AUD/USD levels

AUD/USD has broken up away from the 100 dma at 0.7149 today and has rallied to 0.7247 the high. RSI (14) is at 54 on the daily sticks as price meets R3 at 0.7240. The 200 dma is located at 0.7282 and is a key target. On the flip side, S1 is located at 0.7190 and S3 at 0.7073. A break of the 0.70 handle and below 0.7023 Feb low opens 0.6834 2016 lows.