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AUD/USD struggling hard to take-out 2016 high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The AUD/USD pair continues to trade at higher levels as sentiment remains buoyed by upbeat China macro news, although lacks momentum for further upside.

    AUD/USD manages to hold above 0.77 handle

    Currently, the AUD/USD pair rises 0.23% to 0.7711, keeping range near fresh session highs posted at 0.7718 some minutes ago. The Aussie is seen making several attempts to retest 2016 highs reached yesterday at 0.7737, although the bulls remain unimpressed by favourable Chinese GDP and industrial figures and hence, struggle to make further advances.

    Amid a lack of fresh incentives in the upcoming session, attention now shifts towards the US consumer sentiment, industrial production and Empire State manufacturing index due later in the NY session for fresh insights on the US economic recovery.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7737/50 (2016 highs) above which gains could be extended to the next hurdle located at 07800 (round number). On the flip side, the immediate support located at 0.7683/67 (daily pivot/ 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7644/7610 (1h 100-SMA/ 10-DMA).
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