AUD/USD attempting gains above 0.7500 on better Aus data

Dhwani Mehta FXStreet

After a brief phase of overnight consolidation, the AUD/USD pair finally caught a fresh bid-wave and refreshed daily highs at 0.7510, following the release of the NAB Australian business confidence data for Q1 2017.

The Aussie paused its 2-day sell-off and now looks to extend the tepid-bounce beyond 0.75 handle, mainly tracking the recovery in iron-ore prices, after the ferrous metal snapped two days of sharp losses.

However, it remains to be seen if the spot sustains the recovery mode as the greenback remains broadly in demand amid higher treasury yields, while weaker copper and gold prices could also dent the sentiment around the resource-linked Aussie.

Markets now look forward to the US datasets, including the Philly Fed manufacturing index and unemployment claims data for further momentum on the prices.

AUD/USD Levels to watch

At 0.7505, the pair finds the immediate resistance at 0.7543/46 (5 & 200-DMA) above which gains could be extended to the next hurdle located 0.7600/05 (round number/ 50-DMA) and 0.7650 (psychological levels). On the flip side, the immediate support located at 0.7488 (Wednesday’s low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7470/69 (intermittent support) and below that 0.7446 (Jan 13 low).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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