AUD/USD analysis: Upside limited, consolidation between 0.7550/00 likely
|AUD/USD Current price: 0.7528
The Australian dollar outperformed, rising particularly against the kiwi, on a strong rebound from weekly lows. During the Asian session, the NAB survey showed that business confidence during the first quarter improved from 5 to 6 while current conditions climbed to 8. With no relevant economic reports to be released on Friday during Asian hours, a quiet session is expected.
The AUD/USD pair rose on Friday, after spending time at a dangerous area below 0.7500. It never moved significantly away from that level and the result was a move higher. The pair peaked at 0.7545 but it pulled back below 0.7530, showing that the bearish pressure is still there. Technical indicators show no clear signals for the near future. A consolidation during the Asian session seems likely, probable in the 0.7540/0.7500 range. A confirmation on top of 0.7550 would strengthen the Aussie for a stronger recovery while to the downside, a break under 0.7490 would expose April lows at 0.7470.
Support levels: 0.7470 0.7440 0.7405
Resistance level: 0.7530 0.7560 0.7610
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