AUD/USD Retakes 0.7600, Focus on RBA
The Aussie dollar is posting moderate gains early in the European morning, pushing AUD/USD once again above the 0.7600 handle.
AUD/USD looks to the RBA
The
pair has recovered some ground after testing recent lows in the
mid-0.7500s during last week, all part of the leg lower sparked after
posting fresh 2016 tops in the vicinity of 0.7850.
While the
greenback continues to sustain the up move in the riskier assets,
today’s ISM Manufacturing and speeches by Williams and Lockhart will
drive the sentiment later in the NA session. In Oz, market consensus
expects the RBA to stay on hold at its meeting tomorrow.
AUD/USD levels to watch
At
the moment the pair is advancing 0.14% at 0.7614 and a breakout of
0.7666 (20-day sma) would open the door to 0.7725 (high Mar.31) and then
0.7836 (2016 high Apr.21). On the other hand, the immediate support
aligns at 0.7545 (low Apr.27) followed by 0.7518 (55-day sma) and
finally 0.7449 (38.2% Fibo of 0.6824-0.7836).
