The AUD/USD pair wiped-out losses and rebounded higher in the European session, as the bulls found fresh support from higher European stocks as well as the oil prices.
AUD/USD jumps-off lows near hourly 100-SMA
Currently, the AUD/USD pair rises 0.32% to fresh session at 0.7461, recovering from a dip to session lows of 0.7412 reached in early Asia. The Aussie reversed more than half of weak Chinese trade data-led losses and now attempts to climb higher amid a major turnaround in risk conditions as the European stocks recover alongside oil from the previous sell-off.
However, the upside looks limited as markets remain cautious and refrain from placing big bets ahead of the Chinese CPI figures due tomorrow. China is Australia’s biggest trading partner. More so, the official EIA crude inventory report due later tonight keeps the investors unnerved as it is expected to have major impact on oil prices, eventually influencing the resource-linked Aussie.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7500 (psychological levels) above which gains could be extended to the next hurdle located at 0.7536 (daily S3). On the flip side, the immediate support located at 0.7412/07 (daily low/ 1h 100-SMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7371 (daily S2).
(Market News Provided by FXstreet)
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