AUD/USD hits fresh highs above 0.7530

Matías Salord FXStreet

A stronger Australian dollar boosted the AUD/USD pair above 0.7530. It printed a fresh daily high at 0.7539. Currently, it trades at 0.7530, up 35 pips for the day so far. Yesterday the pair posted the lowest daily close since January 16.

Today it moved with an upside bias since the beginning of the day after being able to avoid a sharp decline under the 0.7500 zone. Still, it faces some bearish pressure on a wider perspective.

Economic data released today showed an improvement of the NAB Business Confidence index during the first quarter in Australia (rose from 5 to 6). In the US, initial jobless claims increased to 244K, below the 242K expected; the manufacturing survey published by the Federal Reserve Bank of Philadelphia dropped sharply from 32.8 to 22.0.

US: Seasonally adjusted initial claims was 244,000, an increase of 10,000 from the previous week

Philly Fed: Regional manufacturing activity continued to expand, but at a slower pace than last month

Australia: Leading indicators mostly improved in Q1 2017 - NAB

Technical levels

To the downside, below 0.7490 pressure could intensify favoring an extension to test 0.7470 (Apr 11 & 12 low); below the next support could be seen at 0.7440. On the upside, resistance might lie at 0.7540 (daily high), 0.7560 (Apr 19 high) and 0.7595 (Apr 13 high).

AUD/USD expected to drop to 0.72 in 3-month – Danske Bank

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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