AUD/USD: Bulls Fight Back Control, Wednesday’s High Eyed

AUD/USD: Bulls Fight Back Control, Wednesday’s High Eyed

31 March 2016, 13:05
Roberto Jacobs
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AUD/USD: Bulls Fight Back Control, Wednesday’s High Eyed

The AUD/USD pair bounced-off hourly-50 SMA support and climbed higher over the last hours on resumption of broad based USD selling.

AUD/USD underpinned by USD weakness

Currently, the AUD/USD pair trades 0.13% higher at fresh session highs of 0.7683, aiming to retest multi-month highs reached at 0.7707 yesterday. The Aussie regained lost ground and jumped higher this session largely on the back of fresh selling seen in the US dollar against its major peers as nervousness creeps into markets as we head closer towards the crucial US NFP report due tomorrow.

Moreover, the oil and gold price recovery picked-up pace over the last hour, which further aided the rebound in the AUD/USD pair. However, the upside may remain restricted as markets now focus on Friday’s Chinese manufacturing PMI reports for fresh incentives on the Aussie.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7700/07 (round number/ Mar 30 High) above which gains could be extended to the next hurdle located at 0.7741/55 (July 2015 High/ daily R3). On the flip side, the immediate support located at 0.7610/01 (daily S1/ 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7575/61 (1h 200-SMA/ 20-DMA).

(Market News Provided by FXstreet)

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