AUD/USD Struggling Hard to Take-Out 2016 High
The AUD/USD pair
continues to trade at higher levels as sentiment remains buoyed by
upbeat China macro news, although lacks momentum for further upside.
AUD/USD manages to hold above 0.77 handle
Currently,
the AUD/USD pair rises 0.23% to 0.7711, keeping range near fresh
session highs posted at 0.7718 some minutes ago. The Aussie is seen
making several attempts to retest 2016 highs reached yesterday at
0.7737, although the bulls remain unimpressed by favourable Chinese GDP
and industrial figures and hence, struggle to make further advances.
Amid
a lack of fresh incentives in the upcoming session, attention now
shifts towards the US consumer sentiment, industrial production and
Empire State manufacturing index due later in the NY session for fresh
insights on the US economic recovery.
AUD/USD Levels to watch
The
pair finds the immediate resistance at 0.7737/50 (2016 highs) above
which gains could be extended to the next hurdle located at 07800 (round
number). On the flip side, the immediate support located at 0.7683/67
(daily pivot/ 5-DMA). Selling pressure is likely to intensify below the
last, dragging the Aussie 0.7644/7610 (1h 100-SMA/ 10-DMA).
(Market News Provided by FXstreet)
