AUD/USD Regains 0.7600 Amid Positive Equities Oil
The AUD/USD pair
is seen reversing a downward spike post-China open, and now extends
higher on the bids as higher oil and stocks keep the sentiment buoyed.
AUD/USD finds bids just below 20-DMA at 0.7693
Currently,
the AUD/USD pair gains 0.14% and trades at 0.7610, heading for a retest
of daily highs 0.7629 in early trades. The Aussie keeps the bid tone
intact and tries hard to extend gains beyond 0.76 handle as the US
dollar remains largely subdued against its major peers, with the Asian
trading digesting the more dovish view reflected by the FOMC minutes
published overnight.
Moreover, the upbeat risk sentiment on the
back of oil rebound continues to underpin the demand for the
higher-yielding currency AUD. Among the Asian indices, Japan’s Nikkei
trades +0.17% higher, Australia’s ASX 200 index advances +0.62%, while
the Shanghai Composite index extends the wobble for the second day in a
row.
Meanwhile, markets shrugged-off dismal Aus construction
index figures and now look forward to the US weekly jobless claims for
fresh cues on the major ahead of Fed Chair Yellen’s speech scheduled in
the Asian morning tomorrow.
AUD/USD Levels to watch
The
pair finds the immediate resistance at 0.7643/50 (daily R1/
psychological levels) above which gains could be extended to the next
hurdle located at 0.7673/74 (Apr 4 High/ daily R2). On the flip side,
the immediate support located at 0.7580/65 (1h 50 & 20-SMA). Selling
pressure is likely to intensify below the last, dragging the Aussie
0.7508/00 (Mar 29 Low).
(Market News Provided by FXstreet)
