FxWirePro: AUD/USD Trades Rangebound in the Asian Session, Momentum Higher

FxWirePro: AUD/USD Trades Rangebound in the Asian Session, Momentum Higher

• The latest NAB confidence gauge showed both a resilient non-mining recovery and an outlook that has continued to improve, although the confidence figures matched estimates. 
• National Australia Bank Q1 business confidence came in at 4 (prior 5, revised from 4), while conditions stood at 9 versus prior 10, conditions for next 3 months increased to 15 from 13 last. 
• Upbeat sentiment around the Asian equities is also likely to support the higher-yielding currency AUD. Higher US equities provided fresh impetus to the region’s indices. 
• AUD/USD has broken channel top and remains rangebound on the day. The pair finds solid support by 5-DMA at 0.7775. 
• Momentum on daily and weekly charts remains higher. Upside could see test of 0.7830/40/50.  
• Immediate support lies at 0.7775 (5-DMA), while resistance is located at 0.7826 (April 19th highs). 
• Next on tap for the pair will be US weekly jobless claims and Philly Fed manufacturing index due for release in the NY session. 

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