AUD/USD capped at 20-DMA, break above to see upside
AUD/USD struggles to extend gains above 0.76 handle, upside seems capped at 20-DMA.
The pair is holding break above 200-DMA and trendline resistance. A break above 20-DMA could see further upside.
Aussie likely subdued by escalating geopolitical tensions, which tends to drive flows away from riskier / higher-yielding currencies.
Dismal US CPI reading along with lower-than-expected US retail sales last Friday to keep downside cushioned.
Today's upbeat Chinese economic data dump, should provide support to the Aussie.
China's GDP growth, industrial growth, fixed asset investment and retail sales, all surpassed consensus estimates.
Technical indicators are still biased higher. Stochs and RSI point north and MACD is on verge of a bullish crossover.
Support levels - 0.7555 (200-DMA), 0.7524 (38.2% Fib retrace of 0.7160 to 0.7749 rally), 0.7474 (April 11 low)
Resistance levels - 0.76, 0.7610 (23.6% Fib), 0.7621 (50-DMA), 0.7679(Mar 30 high)
Watchout for break above 20-DMA for further upside. Stay long for 0.7620/ 0.7680.
The pair is holding break above 200-DMA and trendline resistance. A break above 20-DMA could see further upside.
Aussie likely subdued by escalating geopolitical tensions, which tends to drive flows away from riskier / higher-yielding currencies.
Dismal US CPI reading along with lower-than-expected US retail sales last Friday to keep downside cushioned.
Today's upbeat Chinese economic data dump, should provide support to the Aussie.
China's GDP growth, industrial growth, fixed asset investment and retail sales, all surpassed consensus estimates.
Technical indicators are still biased higher. Stochs and RSI point north and MACD is on verge of a bullish crossover.
Support levels - 0.7555 (200-DMA), 0.7524 (38.2% Fib retrace of 0.7160 to 0.7749 rally), 0.7474 (April 11 low)
Resistance levels - 0.76, 0.7610 (23.6% Fib), 0.7621 (50-DMA), 0.7679(Mar 30 high)
Watchout for break above 20-DMA for further upside. Stay long for 0.7620/ 0.7680.
