AUD/USD: Upside stalls once again near 0.7655

Dhwani Mehta FXStreet

The AUD/USD pair keeps the bid tone intact, but struggle to take out the offers lined up just ahead of 0.7650 barrier so far this week, as the bulls await a key determinant for the next push higher.

The upside in AUD/USD lacks momentum, largely on the back of underlying weakness seen in the base metals, particularly copper. Meanwhile, renewed buying interest seen behind the greenback versus its major peers, in response to solid US macro data and hawkish Fedspeaks, also keeps the prices in check.

Also, increased nervousness heading into the Article 50 trigger adds to the side-ways movement seen in the Aussie. Data-wise, nothing relevant for the major except for the US pending home sales lined up for release in the NA session.

AUD/USD Levels to watch

At 0.7644, the pair finds the immediate support located at 0.7605/01 (Mar 27 & 24 low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (200-DMA/ psychological mark) and below that 0.7515/00 (100-DMA/ zero figure). On the flip side, the immediate resistance at 0.7657/58 (daily high/ 10-DMA) above which gains could be extended to the next hurdle located 0.7692/0.7700 (Mar 22 high/ round number) and 0.7752 (4-month tops).

1. R3 0.7733
2. R2 0.7694
3. R1 0.7664
PP 0.7626
1. S1 0.7595
2. S2 0.7557
3. S3 0.7526

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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