AUD/USD Bounces Alongside Oil, Supported at 0.7500
AUD/USD
is seen making a minor-recovery attempt so far this Friday, as higher
commodities’ prices, especially oil, lift overall market sentiment.
AUD/USD extends beyond 0.75 handle
Currently,
the AUD/USD pair rises 0.28% to 0.7537, easing-off fresh session highs
posted at 0.7638 in the last hour. The tepid bounce in the Aussie can be
explained by the recovery in the oil and copper prices, after the
extensive fall seen yesterday. The US oil now gains +1.72%, Brent
rebounds +1.20%, while copper prices rise +0.43%.
In addition,
the overnight recovery in the AUD/USD pair further gained traction after
the yen buying stalled and thus, provided the much-needed respite to
the yen crosses, including AUD/JPY, which underpinned the AUD bulls.
Meanwhile,
the major remained unperturbed by Fed Chair Yellen’s dovish comments
and head higher in a bid to regain 5-DMA amid a data-empty Asian docket
for the major.
AUD/USD Levels to watch
The
pair finds the immediate resistance at 0.7550/56 (psychological levels/
5-DMA) above which gains could be extended to the next hurdle located
at 0.7574/87 (1h 100-SMA/ 20-DMA). 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 0.7475/50 (Mar 24 Low/
psychological levels).
(Market News Provided by FXstreet)
