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22 Apr 2016
AUD/USD rebounds alongside Oil, 0.78 back on sight
The AUD/USD pair halted its 2-day decline and swung back sharply higher in the Asian trades this Friday, as the major tracks the ongoing recovery in the black gold.
AUD/USD jumps to test 5-DMA at 0.7772
Currently, the AUD/USD pair now gains 0.34% to trade near fresh session highs of 0.7770, recovering sharply from 0.7742 lows. The AUD bulls remain on a stronger footing this session, despite the negative performance on the Asian stock markets, as the oil price action appears to the drive the moves in the resource-linked Aussie. Both crude benchmarks are attempting a rebound after the recent decline, with WTI rising +1.30%, while Brent advances +0.75%.
Meanwhile, nothing of note in terms of economic news for the AUD/USD pair in Asia today, and hence, attention shifts towards US flash manufacturing PMI due later in NA session, while all eyes remain on the Aus CPI report due to be published next week.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7826/30 (Apr 19 & 21 High) above which gains could be extended to the next hurdle located at 0.7900 (June 2015 high). On the flip side, the immediate support located at 0.7726/20 (10-DMA/ 1h 200-SMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7669/61 (daily S2/ 20-DMA).
AUD/USD jumps to test 5-DMA at 0.7772
Currently, the AUD/USD pair now gains 0.34% to trade near fresh session highs of 0.7770, recovering sharply from 0.7742 lows. The AUD bulls remain on a stronger footing this session, despite the negative performance on the Asian stock markets, as the oil price action appears to the drive the moves in the resource-linked Aussie. Both crude benchmarks are attempting a rebound after the recent decline, with WTI rising +1.30%, while Brent advances +0.75%.
Meanwhile, nothing of note in terms of economic news for the AUD/USD pair in Asia today, and hence, attention shifts towards US flash manufacturing PMI due later in NA session, while all eyes remain on the Aus CPI report due to be published next week.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7826/30 (Apr 19 & 21 High) above which gains could be extended to the next hurdle located at 0.7900 (June 2015 high). On the flip side, the immediate support located at 0.7726/20 (10-DMA/ 1h 200-SMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7669/61 (daily S2/ 20-DMA).