Fxwirepro: Aud/usd Upside capped Below Daily Cloud, Some Consolidation Likely Before Next Move

AUD/USD trades modestly flat on the day, likely to consolidate gains of the previous session.
The pair spiked to hit fresh five-week highs of 0.7463 on Tuesday after RBA stood pat, but saw a corrective slide early today.
Pair found fresh bids at lows near 0.7430 after positive Chinese imports and exports data.
The Chinese imports data revealed a smaller than expected drop in the imports, which suggests Chinese domestic demand is slowly picking-up.
RBA’s status-quo stance combined with higher oil prices underpins the sentiment around the AUD.
On the charts we see stiff resistance by 50-DMA at 0.7468 and cloud base at 0.7472. Break above needed for further upside.
Above 0.7472, the pair finds its next hurdle at 0.7488 (50% Fib of 0.7835 to 0.7145 fall) and then 0.7570 (61.8% Fib).
Break below 0.74 can drag the pair to 0.7360 and then 0.73 levels.
Next in focus remains the US labour data due later in the NA session ahead of the Chinese CPI data lined up for release tomorrow.
We expect some consolidation at current levels. Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-above-200-DMA-good-to-buy-dips-217575) has achieved all targets.