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AUD/USD chart - Trading View
AUD/USD was trading marginally higher on the day at 0.7752 at the time of writing. Upbeat Q1 growth data fueled gains in the pair.
Data released earlier on Tuesday showed Australia’s Q1 GDP crossed downbeat forecasts of 1.5% QoQ and 0.6% YoY with 1.8% and 1.1% respectively.
RBA optimism, hopes of strong economic growth backed by heavy stimulus and receding coronavirus (COVID-19) cases add to the AUD/USD strength.
AUD/USD trades with a neutral bias. GMMA indicator is flat on the daily charts. The pair is extending sideways grind along 55-EMA support.
Upside remains capped at cloud top. Decisive break above required for upside continuation.
On the downside, the pair finds strong support at cloud base. Breach below cloud will see test of trendline support at 0.7695 ahead of 38.2% Fib at 0.7619.
