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AUD/USD rebounds to 0.7560 on upbeat China services

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Australian dollar caught a fresh bid-wave against its US counterpart following the release of the Chinese services PMI report, driving AUD/USD back to daily tops.

    AUD/USD extends recovery above 0.7550

    Currently, the AUD/USD pair gains 0.21% to hit daily highs at 0.7562, bouncing-off a brief dip to 0.7533, session lows. The Aussie sees a minor relief rally this session, after booking heavy losses over the last two trading session, amid a better risk sentiment as oil prices rebound on bullish API report.

    While the overnight recovery gained further traction after the Chinese services PMI report showed that the services sector activity expanded from 51.2 in February to 52.2 in March, highlighting that the recent stimulus measures by the Chinese central bank are yielding results.

    Ahead in the day, the major awaits the speech from RBA’s assistant governor Kent, while the main focus remains on the FOMC minutes release amid a data-empty US session this Wednesday.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7600/03 (round number/ 5 & 10-DMA) above which gains could be extended to the next hurdle located at 0.7625/31 1h 100-SMA/ Apr 5 High). On the flip side, the immediate support located at 0.7508/00 (Mar 29 Low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7475 (Mar 24 Low).
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