AUD/USD analysis: Aussie bulls keep pressuring

AUD/USD Current price: 0.7883

  • AUD/USD topped at 0.7915 but was unable to settle above the key 0.7890 resistance.
  • The greenback remains out of market's favor, despite temporal intraday advances.

The AUD/USD pair reached 0.7915, its highest since February 20th, and while it retreated from the level mid-US afternoon, it managed to end the day with gains. The Aussie found support in solid Chinese data, as Retail Sales grew below market's expectations in January, up 9.7% vs. market's forecast of 9.8%, but above the previous 9.4%. While Industrial Production, grew 7.2 % YoY, the fastest pace of growth since June 2017 and urban fixed-asset investment, rose 7.9%, beating market's expectations. Additionally Australian consumer sentiment, according to Westpac, improved modestly in March, up to 0.2% from a previous -2.3%. Australia will release its Consumer Inflation Expectations for March during the upcoming session, latest at 3.6%.  The pair was unable to settle above the 0.7890 Fibonacci resistance, but heads into the Asian session with a positive bias, given that in the 4 hours chart, it steadily met buying interest around a still bullish 20 SMA, while technical indicators hold within positive territory, although without certain directional strength, as the pair remains within a familiar range.

Support levels: 0.7820 0.7775 0.7740

Resistance levels: 0.7890 0.7920 0.7955

View Live Chart for the AUD/USD

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.