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