AUD/USD remains on track to post strong daily gains around 0.7800

AUD/USD broke above its horizontal range on Monday.
US Dollar Index looks to close flat below 91.00.
Durable Goods Orders in US rose less than expected in March.

Eren Sengezer FXStreet

Last week, the AUD/USD pair fluctuated in a relatively tight range around mid-0.7700s and struggled to make a decisive move in either direction. After breaking above its horizontal range on Monday, however, the pair attracted buyers and remains on track to post its highest daily close since early March. As of writing, AUD/USD was up 0.77% at 0.7805.

AUD capitalizes on rising copper prices

In the absence of significant fundamental drivers, the sharp increase witnessed in copper prices provided a boost to the AUD. Additionally, the upbeat market mood helped risk-sensitive AUD preserve its firm footing ahead of this week's key macroeconomic events.

The only data from the US on Tuesday revealed that Durable Goods Orders in March increased by 0.5%. This reading came in weaker than the market expectation for an increase of 2.5% but was largely ignored by market participants.

During the Asian trading hours on Wednesday, the first-quarter Consumer Price Index (CPI) data and the Reserve Bank of Australia (RBA) Trimmed Mean CPI figures will be watched closely by market participants. Later in the day, the FOMC will announce Interest Rate Decision and release the Monetary Policy Statement.

Additionally, the US Bureau of Economic Analysis will publish its first estimate of the second-quarter GDP growth on Thursday ahead of Friday's Personal Consumption Expenditures Price Index figures.

Meanwhile, the US Dollar Index, which lost nearly 1% last week, is staying relatively quiet below 91.00 on Monday, allowing the AUD's market valuation and the risk perception to drive AUD/USD's movements.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7805
Today Daily Change	0.0064
Today Daily Change %	0.83
Today daily open	0.7741

Trends
Daily SMA20	0.767
Daily SMA50	0.7722
Daily SMA100	0.7688
Daily SMA200	0.7448

Levels
Previous Daily High	0.7761
Previous Daily Low	0.7696
Previous Weekly High	0.7817
Previous Weekly Low	0.769
Previous Monthly High	0.785
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7736
Daily Fibonacci 61.8%	0.7721
Daily Pivot Point S1	0.7705
Daily Pivot Point S2	0.7668
Daily Pivot Point S3	0.764
Daily Pivot Point R1	0.7769
Daily Pivot Point R2	0.7797
Daily Pivot Point R3	0.7834

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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