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AUD/USD chart - Trading View
AUD/USD was trading 0.73% higher on the day at 0.6428 at around 02:00 GMT after closing 0.49% higher in the previous session.
Aussie shrugs off poor NAB Business Confidence data released earlier today, focus now is on China's trade data.
National Bank of Australia's (NAB) Business Confidence for March came in -66 at versus expectations for -2 and down significantly from February's -4.
The Business Conditions Index fell -21 in March versus expectations for 1 following February's reading of 0.
Technical bias for the pair remains bullish. Price action has broken above 55-EMA resistance.
Next hurdle for bulls aligns at 61.8% Fib at 0.6455. Further bullish momentum can see test of 110-EMA at 0.6533.
Major trend in the pair remains neutral as evidenced by GMMA indicator. Breakout at 200-DMA (0.6722) will shift major trend to bullish.
Major Support Levels: 0.6364 (55-EMA), 0.6343 (5-DMA), 0.6219 (21-EMA)
Major Resistance Levels: 0.6455 (61.8% Fib), 0.6522 (daily cloud), 0.6533 (110-EMA)
Summary: Break above 55-EMA has reinforced upside bias. Scope for gains till daily cloud. Focus on China trade data for impetus.
