AUD/USD chart - Trading View
- AUD/USD trades 0.38% higher on the day at 0.7148 at 0640 GMT, bias higher.
- Aussie buoyed across the board after speech from RBA’s Debelle and positive data.
- Australian Westpac consumer confidence index that surged to +1.9% versus -4.8% previous contraction.
- Reserve Bank of Australia (RBA) Assistant Governor Guy Debelle praised economic growth and noted that the domestic labor market has been surprisingly strong.
- Channel breakout in play on the daily charts. Price is testting 110-EMA at 0.7150.
- Technical indicators are biased higher. Breakout at 110-EMA will see gains upto 200-DMA.
- 20-DMA is strong support at 0.71, retrace below will see some weakness.
- Looking forward, March month inflation numbers from the US and minutes of the latest FOMC meeting will be in market focus for further impetus.
Support levels - 0.7122 (5-DMA), 0.71 (20-DMA), 0.7087 (Apr 8 low)
Resistance levels - 0.7150 (110-EMA), 0.72 (200-DMA), 0.7276 (55W EMA)
Recommendation: Stay long on break above 110-EMA, SL: 0.7120, TP: 0.72/ 0.7245
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
