FxWirePro: AUD/USD Tracks Oil Higher, Tests 5-DMA at 0.7769

FxWirePro: AUD/USD Tracks Oil Higher, Tests 5-DMA at 0.7769

22 April 2016, 06:58
Roberto Jacobs
0
7

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.

Recommendation: Good to buy dips around 0.7745/50, SL: 0.77, TP: 0.7775/0.78 

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