AUD/USD searching for 0.78

• The AUD lifted on the back of risk appetite and looks set to try for more.
• Wednesday sees a slew of data that could impact the Aussie poorly.

The AUD/USD is holding at the topside following yesterday's rally, trading near 0.7760 in the overnight session.

The Aussie rallied steadily through Tuesday's action, lifted by China's surprisingly level-headed responses to the US' latest round of tariff considerations. Markets heaved themselves upwards after China's President Xi Jinping delivered neutral-toned words on international trade while speaking at the Boao Forum.

The Aussie will face Westpac Consumer Confidence survey results at 00:30 GMT early Wednesday, followed by Chinese inflation figures for March at 01:30 GMT. Consumer Confidence last printed at 0.2 percent, while Chinese inflation is expected to slow slighty, with year-on-year CPI forecast at 3.2 percent versus the previous 3.7 percent.

Following that will be a speech from the Reserve Bank of Australia's (RBA) chair, Philip Lowe, beginning at 07:00. The RBA has been steadily disappointing traders lately, and the central bank's dovish tone at their last interest rate showing did little to impress.

AUD/USD Levels to watch

As FXStreet's own Valeria Bednarik noted, "the 4 hours chart shows that the pair has recovered also above a bearish 200 EMA, the first time in over three weeks, also well above the 20 SMA that slowly gains upward traction. Technical indicators maintain their upward slopes near overbought readings, all of which points to a continued advance for this Wednesday."

Support levels: 07740 0.7700 0.7765

Resistance levels: 0.7785 0.7820 0.7850