AUD/USD analysis: bullish as long as above 0.7430
AUD/USD Current price: 0.7484
The AUD/USD pair retreated from a fresh over three-week high of 0.7516, but still managed to close the day with gains, a handful of pips below the 0.7500 mark. The pair surged alongside with equities during the first half of the day, but lost momentum and turned south in the US session, as the dollar finally got some demand. Australia will release its Westpac leading index for April during the upcoming Asian session, alongside with construction data for Q1. Attention will likely center on the first, latest seen at 0.1%.
Anyway, the pair will likely continue depending on sentiment, getting support from additional equities' gains. Short term, the latest retracement remains as corrective, as in the 4 hours chart, the price remains well above a bullish 20 SMA, this last at 0.7460, whilst technical indicators are retreating within positive territory, coming from overbought levels. The 200 EMA in this last time frame offers an immediate support around 0.7470, with a break below it favoring a downward move towards 0.7430. Renewed buying interest above 0.7515, on the other hand, will favor further gains towards the 0.7600 region, the base of the range that contained the price between most of February and March.
Support levels: 0.7470 0.7430 0.7375
Resistance levels: 0.7515 0.7550 0.7590
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.
