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AUD/USD back on the bids, re-takes 0.7650

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/USD pair stalled its corrective slide just ahead of hourly 20-SMA at 0.7610 and rebounded higher, on improved risk sentiment as the Chinese stocks extend the rally.

    AUD/USD eyeing March highs

    Currently, the AUD/USD pair trades 0.13% higher at 0.7640, revisiting daily highs reached at 0.7648 reached in early Asia. The Aussie resumed its upbeat momentum and now forms a small doji candle on the daily charts, suggesting that the bulls lack clear direction and await the US ADP jobs report for further moves.

    Moreover, the upside looks restricted as the oil prices have stalled their rebound and are seen paring gains over the last hour, which acts a drag on the resource-linked Aussie. On the other hand, the bulls find support from a broadly weaker US dollar and the extended rebound seen in the Chinese equities.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7684 (Mar 18 High/ daily R1) above which gains could be extended to the next hurdle located at 0.7700 (round number). On the flip side, the immediate support located at 0.7568 (1h 50-SMA/ 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7500/ 0.7493 (Mar 28 Low).
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