AUD/USD is currently drifting to the upside on the 4hr sticks, but has met some resistance at closer inspection, finding resistance at the mid way point of the 0.75 handle and currently supported 20 pips lower.
AUD/USD is recovering from the 24th March low of 0.7477 and the reversal remains in tact. Fundamentals remain with risk and commodity prices in the absence of domestic data from the Australian economy while markets do not expect any changes from the RBA for the time being. We are awaiting China manufacturing this week and the nonfarm payrolls data from the US, while today, the US homes numbers were good enough to slow down the Aussie bulls for the time being.
AUD/USD levels
AUD/USD is better bid above the pivot of 0.7515 with R2 positioned at 0.7541 and R3 at 0.7560. Valeria Bednarik, chief analyst at FXStreet explained that n the 4 hours chart, the technical indicators are hovering around their mid-lines, while the price is around a bearish 20 SMA, unable to rally beyond it, all of which indicates that buying interest is limited at current levels. Meanwhile, the 100 sma on the 4hr sticks is at 0.7523 and could be a stronger area of support this time around given the recent higher highs to 0.7557 on a short term outlook.
(Market News Provided by FXstreet)