AUD/USD: bullish extension likely for the upcoming sessions

AUD/USD Current price: 0.7824

There was little action during the past Asian session with a holiday in Japan, favoring a greenback modest upward corrective movement, although stronger-than-expected Chinese data maintained the AUD/USD pair near its recent highs. Retail sales in June surprised to the upside, surging by 11.0% in the month from previous 10.7%, while Industrial Production advanced 7.6%. Q2 GDP came in at 6.9%, matching previous quarter buy above the 6.8% expected. The pair met buying interest on a decline towards the 0.7800 level, but remains unable to surpass the 0.7834 high posted last 2016, having stalled its advance the past week just one pip below it. The overall positive tone prevails despite the limited upward momentum seen in the 4 hours chart, as the price remains well above a bullish 20 SMA, whilst the RSI indicator consolidates around 79. Above the mentioned high, the pair has scope to extend its advance towards 0.7910 February 2015 monthly high.

Support levels: 0.7800 0.7760 0.7725

Resistance levels: 0.7835 0.7870 0.7910

View Live Chart for the AUD/USD

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