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14 Apr 2015
AUD/USD extends beyond 0.76
FXStreet (Mumbai) - The Australian dollar extends its recovery mode versus the US counterpart, with AUD/USD finally swinging back higher above 0.76 handle, correcting heavy losses after a massive China-led sell-off.
AUD/USD retraces from 0.7624
Currently, the AUD/USD trades higher by 0.34% at 0.7615, having posted day’s high at 0.7624 and day’s low at 0.7585. AUD/USD edged higher this session mainly driven by a short covering rally as the Aussie recoups losses seen in the previous session.
Moreover, the Australian dollar also garnered support against the greenback after the National Australia Bank (NAB) Business Confidence index rose from zero in February to 3 last month, while the NAB Business Conditions index jumped to 6 from 2, the highest it has been since October. The upbeat Aus data indicates that the OZ economy showed first signs of improvement in business conditions since RBA’s Feb rate cut.
Meanwhile, the Aussie fell more than 100 pips on Monday after Chinese trade data missed the forecast by a wide margin. Australia is heavily dependent on China for its exports.
On the macro economic front, markets now eye US retails sales numbers later in the day and China GDP data due tomorrow for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7642 (10-DMA) levels, above which gains could be extended to 0.7690 (20-DMA) levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7585 (Today’s Low) levels.
AUD/USD retraces from 0.7624
Currently, the AUD/USD trades higher by 0.34% at 0.7615, having posted day’s high at 0.7624 and day’s low at 0.7585. AUD/USD edged higher this session mainly driven by a short covering rally as the Aussie recoups losses seen in the previous session.
Moreover, the Australian dollar also garnered support against the greenback after the National Australia Bank (NAB) Business Confidence index rose from zero in February to 3 last month, while the NAB Business Conditions index jumped to 6 from 2, the highest it has been since October. The upbeat Aus data indicates that the OZ economy showed first signs of improvement in business conditions since RBA’s Feb rate cut.
Meanwhile, the Aussie fell more than 100 pips on Monday after Chinese trade data missed the forecast by a wide margin. Australia is heavily dependent on China for its exports.
On the macro economic front, markets now eye US retails sales numbers later in the day and China GDP data due tomorrow for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7642 (10-DMA) levels, above which gains could be extended to 0.7690 (20-DMA) levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7585 (Today’s Low) levels.