FxWirePro: AUD/USD remains bid above 55-EMA, caution advised ahead of crucial U.S. NFP data

AUD/USD chart - Trading View 

• AUD/USD remains bid above 55-EMA, trades 0.21% higher on the day at 0.7125 at 0515 GMT.
   
• Antipodeans supported by comments from the US and Chinese policymakers, show brighter chances of the much-awaited trade deal to arrive soon.
   
• Australian Government’s budget disappoints, but better macroeconomic data lends support to the Aussie.
   
• Recent economic data has mostly been stronger than expected, indicating the economy has not weakened further in the early part of 2019.
   
• Technical studies are slightly bullish. Scope for test of 110-EMA at 0.7151. Major trend remains bearsih.
   
• Caution prevails ahead of crucial U.S. NFP data which is expected to recover after February month’s disappointing numbers.

Support levels - 0.71 (21-EMA), 0.7052 (Apr 2 low), 0.7020 (cloud base)

Resistance levels - 0.7156 (cloud top), 0.7203 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.