- The uptick in AUD/JPY cross seems to have lifted AUD/USD from session lows.
- AUD/USD is flirting with 200-hour moving average (MA) resistance of 0.7610.
- Markets shrug off dismal NAB data.
The AUD/USD is attempting a break above the 200-hour MA of 0.7610, having recovered from the session low 0.7584 in the last 60 minutes, largely due to an uptick in the AUD/JPY cross.
The optimism swirling around the historic Trump-Kim nuclear Summit is hurting the anti-risk Japanese Yen and seems to have put a bid under the AUD/JPY cross. The pair has risen more than 35 pips to 84.00 levels in the last one hour and currently trades at 83.90.
Apparently, the rise in the AUD/JPY cross has saved the day for the AUD/USD bulls as the National Bank of Australia (NAB) reported a deterioration in business conditions and business confidence indices a few minutes ago.
However, if Trump-Kim Summit fails to produce anything worthwhile, then the AUD/JPY cross could surrender gains, dragging the AUD/USD lower with it.
AUD/USD Technical Levels
Resistance: 0.7610 (200-hour MA), 0.7626 (100-hour MA), 0.7677 (recent high).
Support: 0.76 (50-day MA), 0.7561 (June 8 low), 0.7549 (4H 200MA).
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