FxWirePro: AUD/USD Tracks Oil Higher, Tests 5-DMA at 0.7769
- AUD/USD tracks oil higher, halts 2 consecutive sessions of declines to edge higher in the early Asian session.
- Pair broke above 5-DMA at 0.7769 to test day's highs at 0.7774, but unable tp hold gains, slips lower to currently trade around 0.7755 levels.
- Strong trendline support lies at 0.7735, we see weakness only on breaks below.
- Intraday technical readings on the hourly charts are supporting upside.
- RSI has bounced off from oversold and Stochs show bullish rollover. We see a bullish MACD line crossover on signal line.
- Pair finds immediate resistance at 0.7769 (5-DMA), while 10-DMA at 0.7718 is immediate support on the downside.
- News from Xinhua showed China added 3.18 million new urban jobs in Q1, while the urban unemployment rate was 4.04% at the end of Q1, unchanged from the end of 2015.
- Upbeat China unemployment data along with recovery in oil markets likely to keep resource-linked Aussie supported.