FxWirePro: AUD/USD intraday upside momentum strong after upbeat Chinese data
The AUD/USD pair surged higher on Wednesday, as the pair got a lift from upbeat Chinese export data and rally in commodities prices. The Aussie performed strongly during the Asian and European sessions, but retreated in …
The AUD/USD pair surged higher on Wednesday, as the pair got a lift from upbeat Chinese export data and rally in commodities prices.
The Aussie performed strongly during the Asian and European sessions, but retreated in the US session after the release of US retail sales.
Currently the currency pair is trading around 0.7654 levels, it is set to advance further towards 0.7700 later towards 0.7750 levels in the short term.
Short pullback around 0.7626 should be taken as buying opportunities, as Australian dollar is stronger against the US dollar in short term.
To the upside, the strong resistance can be seen at 0.7700, a break above this level would take the pair towards next resistance level at 0.7722.
To the downside immediate support can be seen at 0.7648, a break below this level will open the door towards next level at 0.7626.
