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AUD/USD climbs further to test 0.7650, fresh six-day highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD keeps positive Aus data-backed gains heading into early Europe, although failed near the mid-point of 0.76 handle on the back of lower gold and oil prices.

    AUD/USD finds good support ahead of 0.7610 levels

    Currently, the AUD/USD pair rises 0.51% at 0.7635, easing-off fresh six-day highs reached at 0.7646 in the last hour. The Aussie is seen consolidating the recent upmove as we progress towards the early European morning, with the bulls awaiting a reaction to the upbeat Australian business gauge numbers from the European traders.

    Earlier today, National Australia Bank (NAB) Business Confidence jumped to 6 versus 3 previous, while the business conditions numbers for March hit fresh 8-year high, coming in at 12 versus 8 previously in February.

    In the day ahead, the major will get influenced by the sentiment on the European stocks as also the oil price movement amid a lack of fresh economic updates. While the main focus remains on the Chinese trade figures and Australian employment report due later this week.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7646/50 (daily high/ psychological levels) above which gains could be extended to the next hurdle located at 0.7681/89 (Apr 4 High/ daily R2). On the flip side, the immediate support located at 0.7583 (daily pivot/ 20-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7565/63 (5-DMA/ 1h 100-SMA).
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