AUD/USD Testing Monday’s High on Aus Data, Above 0.7600
AUD/USD extends
gains beyond 0.76 handle post-China open, with the upbeat Australian
confidence gauge adding to the favourable market sentiment in Asia.
AUD/USD rises for 3rd straight session
Currently,
the AUD/USD pair rises 0.26% near fresh session highs of 0.7616,
bouncing-off a brief dip to 0.7583 session lows. Fresh bids emerged for
AUD/USD at 20-DMA (0.7583) in the last hour, and the prices jolted
higher after the Australian NZB business confidence index better
expectations and triggered renewed risk-on wave across the markets.
National
Australia Bank (NAB) Business Confidence jumped to 6 versus 3 last,
while the business conditions numbers for March hit fresh 8-year high,
coming in at 12 versus 8 previously in February.
Moreover, a
better risk environment persisting in the markets amid higher Japanese
and Australian equities, also support the upbeat tone surrounding the
Aussie. Looking ahead, attention now remains on the Chinese dataflow and
Australian employment report due later this week for next direction on
AUD/USD. In the meantime, the pair will continue to track the broader
market sentiment as well as the oil price action.
AUD/USD Levels to watch
The
pair finds the immediate resistance at 0.7641/50 (daily R1/
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).
(Market News Provided by FXstreet)