AUD/USD: bulls looking for 0.74 handle

AUD/USD bulls are attempting a minor recovery going against the fierce supply that came of late after the RBA dropped its inflation forecasts lower by 1% and cut rates last month prior to that by 25bps.

The price stabilized at 0.7302 and has since penetrated the 20 sma on the 4hr sticks where resistance at early March highs is being met, located at 0.7380. The U.S. session has been elevated in Wall Street up over 1% with a recovery in commodities supporting the Aussie's minor correction in an otherwise muted FX space. Materials, industrials and energy names were all performing well.

AUD/USD levels

AUD/USD has recovered from the 100 dma at 0.7336 with a low score at 0.7300 recently. The 200 day ma at 0.7259 could remain in focus on failures to correct back onto the psychological 0.74 handle. On a break up, a recovery to 0.7530 could be tough resistance after bulls take out 0.7477 and the 24th March lows.