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FxWirePro: AUD/USD edges above 55-EMA, upbeat Australia Consumer Confidence data and weak USD support gains

AUD/USD chart - Trading View 

AUD/USD was trading 0.58% higher on the day at 0.7682 at around 07:35 GMT, bias higher.

Price is showing a break out of range trade and has edged above 55-EMA resistance at 0.7668. 

Australia’s Westpac Consumer Confidence for April marked strong prints, rose to 6.2% in April from 2.6% a month earlier.

On the other side, U.S. dollar trades weaker across the board, DXY slips for the 3rd straight session.

The major has broken above 20-DMA and MACD shows a bullish crossover on signal line, raising scope for further upside. 

That said, Australia's rejection of the Johnson and Johnson coronavirus vaccine dents investor sentiment and could limit gains. 

Looking forward, markets will look towards Fed’s Powell for fresh impulse amid the latest upbeat US data.

Support levels - 0.7668 (55-EMA), 0.7641 (20-DMA), 0.7584 (110-EMA)

Resistance levels - 0.7743 (Upper BB), 0.7767 (23.6% Fib), 0.7773 (Daily cloud)

Summary: AUD/USD set to extend gains as technical indicators turn bullish. RSI has edged above 50 mark and Stochs are biased higher. Close above 55-EMA will see test of cloud resistance at 0.7773.

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