FxWirePro: AUD/USD extends cloud breakout, outlook turns bullish above 55-EMA

AUD/USD chart - Trading View 

AUD/USD was trading 0.68% higher on the day at 0.6437 at around 04:30 GMT.

The pair is extending gains for the 4th straight session and has hit 9-day high at 0.6439.

Aussie bulls largely unfazed by downbeat China’s Industrial Profits data, remains buoyed amid risk reset across markets.

Data published by China’s National Bureau of Statistics (NBS) showed on Monday that profits earnt by China’s industrial firms in March plummeted 34.9% YoY to 370.668 billion yuan.

The January to March month industrial profits also plunged by 36.7% YoY. Liabilities at industrial firms rose 5.4% on year at end-March, versus a 5.3% increase as of end-February.

AUD/USD grinds higher as bulls cheer upbeat sentiment concerning the ease of lockdown in Australia.

Key catalysts for AUD/USD during the week are as follows:

Today's Dallas Fed Manufacturing Business Index for April, Tuesday's U.S. Consumer Confidence, Wednesday’s U.S. FOMC, GDP and Aussie CPI, Thursday’s Chinese official PMI data and U.S. jobless claims and Friday's U.S. ISM Manufacturing PMI. 

Major Support Levels: 

S1: 0.6362 (55-EMA)
S2: 0.63 (21-EMA)
S3: 0.6270 (20-DMA)

Major Resistance Levels: 

R1: 0.6455 (61.8% Fib)
R2: 0.6505 (110-EMA)
R3: 0.6573 (50-DMA)

Guidance: Good to go long on dips around 0.6425/35, SL: 0.6360, TP: 0.65/ 0.6570