AUD/USD remains bid, upside capped by 50-day MA
- Equities keep Aussie better bid, but the upside in AUD/USD is being capped by 50-day MA.
- Focus on the US retail sales.
The currency pair found bids in Asia as the Asian equities ticked higher, tracking the 0.5 percent rise in the S&P 500 futures. Moreover, the investors seem to have taken a heart from the fact that US-led strikes on Russia did not invite Russian retaliation.
Still, a convincing break above the 50-day moving average (MA) resistance lined up at 0.7781 remains elusive. That said, the bulls may come in strong if the risk-on action picks up the pace in Europe and US session.
Eyes US retail sales
The consumer spending as represented by retail sales is expected to rise 0.3 percent month-on-month in March vs 0.1 percent contraction in February. A better-than-expected data could put a bid under the greenback. The data is due at 12:30 GMT.
AUD/USD Technical Levels
As of writing, the currency pair is trading at 0.7775. A convincing move above 0.7781 (50-day MA) would open up upside towards 0.7810 (previous day's high) and 0.7724 (200-day MA). On the downside, breach of support at 0.7760 (ascending 5-day MA) would expose support seen at 0.7738 (April 12 low) and 0.77 (psychological level).
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
