FxWirePro: AUD/USD upside capped below daily cloud, some consolidation likely before next move

• AUD/USD trades modestly flat on the day, likely to consolidate gains of the previous session.
   
• The pair spiked to hit fresh five-week highs of 0.7463 on Tuesday after RBA stood pat, but saw a corrective slide early today.
   
• Pair found fresh bids at lows near 0.7430 after positive Chinese imports and exports data.
   
• The Chinese imports data revealed a smaller than expected drop in the imports, which suggests Chinese domestic demand is slowly picking-up. 
   
• RBA’s status-quo stance combined with higher oil prices underpins the sentiment around the AUD.
   
• On the charts we see stiff resistance by 50-DMA at 0.7468 and cloud base at 0.7472. Break above needed for further upside.
   
• Above 0.7472, the pair finds its next hurdle at 0.7488 (50% Fib of  0.7835 to 0.7145 fall) and then 0.7570 (61.8% Fib).
   
• Break below 0.74 can drag the pair to 0.7360 and then 0.73 levels.
   
• Next in focus remains the US labour data due later in the NA session ahead of the Chinese CPI data lined up for release tomorrow.
   
• We expect some consolidation at current levels. Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-above-200-DMA-good-to-buy-dips-217575) has achieved all targets.
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Recommendation: Book full profits. Enter fresh longs on break above 0.7475, target 0.7570