AUD/USD Capped Below hHourly 50-SMA, Awaits Fresh Impetus

AUD/USD Capped Below hHourly 50-SMA, Awaits Fresh Impetus

26 April 2016, 05:21
Roberto Jacobs

AUD/USD Capped Below hHourly 50-SMA, Awaits Fresh Impetus

The AUD/USD pair extends its consolidative phase into a second day this Tuesday, as the bulls remain on the back foot ahead of upcoming risk events from both continents.

AUD/USD holds above 0.77 handle

Currently, the AUD/USD pair trades almost unchanged at 0.7713, having failed another attempt to take-out hourly 50-SMA located at 0.7723, where the daily high coincides. The Aussie is seen consolidating on 0.77 handle this session so far, after witnessing three consecutive sessions of declines from eleven-month peaks.

Moreover, a cautious tone appears to be adopted by markets heading towards the US durable goods release later today and Wednesday’s Australian CPI report, which are likely to trigger fresh volatility surrounding the AUD/USD pair.

Meanwhile, the upside in the Aussie also remains restricted amid mixed sentiment prevalent in the Asian hours, with the region’s equities trading mixed, while the black gold holds moderate gains. (WTI up 1.10%, while Brent gains 0.30%).

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7723/36 (1h 50-SMA/ 10-DMA) above which gains could be extended to the next hurdle located at 0.7750/56 (1h 100-SMA). On the flip side, the immediate support located at 0.7673/72 (daily S2/ 20-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7616/00 (Apr 14 Low/ round number).


Share it with friends: