AUD/USD analysis: Aussie bulls keep pressuring

Valeria Bednarik FXStreet

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

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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