FxWirePro: AUD/USD tracks oil higher, tests 5-DMA at 0.7769
AUD/USD tracks oil higher, halts 2 consecutive sessions of declines to edge higher in the early Asian session. Pair broke above 5-DMA at 0.7769 to test day's highs at 0.7774, but unable tp hold gains, slips lower to curr…
AUD/USD tracks oil higher, halts 2 consecutive sessions of declines to edge higher in the early Asian session.
Pair broke above 5-DMA at 0.7769 to test day's highs at 0.7774, but unable tp hold gains, slips lower to currently trade around 0.7755 levels.
Strong trendline support lies at 0.7735, we see weakness only on breaks below.
Intraday technical readings on the hourly charts are supporting upside.
RSI has bounced off from oversold and Stochs show bullish rollover. We see a bullish MACD line crossover on signal line.
Pair finds immediate resistance at 0.7769 (5-DMA), while 10-DMA at 0.7718 is immediate support on the downside.
News from Xinhua showed China added 3.18 million new urban jobs in Q1, while the urban unemployment rate was 4.04% at the end of Q1, unchanged from the end of 2015.
Upbeat China unemployment data along with recovery in oil markets likely to keep resource-linked Aussie supported.
Recommendation: Good to buy dips around 0.7745/50, SL: 0.77, TP: 0.7775/0.78
