AUD/USD firmer near 20-DMA, despite poor Aus data
|The AUD/USD pair keeps its recovery mode intact and flirts with session tops near 20-DMA located at 0.7534, with the bulls showing resilience to a set of disappointing Australian macro data.
AUD/USD underpinned higher commodities’ prices
Currently, the AUD/USD pair trades +0.35% higher at 0.7530, testing session tops printed at 0.7533 some minutes ago. The AUD bulls fought back control in the Asian opening trades and staged a solid rebound in the AUD/USD pair, largely on the back of continued weakness in the greenback versus its major peers. While a positive sentiment seen around the commodities’ prices, also underpinned the resource-linked Aussie.
Moreover, the major appears to shrug-off weaker Aus PPI and private sector credit numbers released last minutes, as post-FOMC rally above 0.75 handle remains intact.
Markets now look forward to the BOJ decision followed by the USD GDP report due later in the NA session for further momentum. While next week’s RBA policy decision remains next in focus, with odds of an Aug rate cut decreased after upbeat Aus CPI figures.
The pair finds the immediate resistance at 0.7550 (psychological levels) above which gains could be extended to the next hurdle located at 0.7600 (round figure). On the flip side, the immediate support located at 0.7500/0.7492 (10 & 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7469/68 (100 & 50-DMA).
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