FxWirePro: AUD/USD struggles at 0.78 handle, UMich Consumer Sentiment Index in focus for impetus

AUD/USD chart - Trading View 

AUD/USD has paused gains at 0.78 handle, trades largely unchanged at 0.7783 at around 04:30 GMT.

The pair has halted 3 consecutive sessions of gains and focus now on University of Michigan Consumer Sentiment Index for further impetus.

The market optimism fades after US President Biden's take on the economy. The Aussie pair benefited from US President Joe Biden’s prime-time speech.

Biden suggested faster recovery from the pandemic and promised vaccines to all the American adults by May 01.

Asian shares shed early gains and slip lower from multi-day top as markets fade Biden’s optimism led gains. 

Mixed vaccine updates and likely geopolitical tension concerning China keep gains in check. Focus on US Michigan Consumer Sentiment figures for March for fresh impulse. 

The Michigan Consumer Sentiment Index is expected to rise to 78.5 in March from 76.8 in February. 

Technical bias remains bullish. Stochs show bullish rollover from oversold levels. Price action is on track for further gains. Bullish invalidation only below daily cloud.