AUD/USD holds up at one-month high near 0.75 psycological mark

Haresh Menghani FXStreet

The AUD/USD pair held in positive territory for the fifth consecutive session despite of disappointing Chinese trade figures.

Currently hovering around 0.7500 psychological mark, the pair remained closer to Thursday's one-month high near 100-day SMA resistance. The pair even shrugged off disappointing Chinese trade balance data that showed continuing decline in exports. However, a slight beat in the import data lend some support to the China proxy Australian Dollar.

Meanwhile, a subdued action in the commodity space, especially weakness in Copper, was seen restricting further up-move and capped the major just below 100-day SMA resistance.

Later during NA session, US economic docket, featuring the release of monthly retail sales, PPI print and Prelim UoM Consumer Sentiment index would now be looked upon for fresh impetus.

Technical levels to watch

A follow through buying interest above 0.7500 mark, leading to a momentum above 0.7520 (yesterday's high) now seems to lift the pair towards 0.7570 resistance (Nov. 16 high) ahead of 0.7600 round figure mark. On the downside, weakness below 0.7480 level could get extended towards 0.7460-55 support below which the pair is likely to drift back towards 50-day SMA support near 0.7415 region.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7363

67% Bullish
22% Bearish
11% Sideways

Bias Bullish

1 Month

Avg Forecast 0.7310

33% Bullish
50% Bearish
17% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7275

47% Bullish
47% Bearish
6% Sideways

Bias Neutral

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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