FxWirePro: AUD/USD trades rangebound in the Asian session, momentum higher
The latest NAB confidence gauge showed both a resilient non-mining recovery and an outlook that has continued to improve, although the confidence figures matched estimates. National Australia Bank Q1 business confidence …
The latest NAB confidence gauge showed both a resilient non-mining recovery and an outlook that has continued to improve, although the confidence figures matched estimates.
National Australia Bank Q1 business confidence came in at 4 (prior 5, revised from 4), while conditions stood at 9 versus prior 10, conditions for next 3 months increased to 15 from 13 last.
Upbeat sentiment around the Asian equities is also likely to support the higher-yielding currency AUD. Higher US equities provided fresh impetus to the region’s indices.
AUD/USD has broken channel top and remains rangebound on the day. The pair finds solid support by 5-DMA at 0.7775.
Momentum on daily and weekly charts reamins higher. Upside could see test of 0.7830/40/50.
Immediate support lies at 0.7775 (5-DMA), while resistance is located at 0.7826 (April 19th highs).
Next on tap for the pair will be US weekly jobless claims and Philly Fed manufacturing index due for release in the NY session.
