7 Apr 2015
AUD/USD extends beyond 0.76, RBA decision looms
FXStreet (Mumbai) - AUD/USD erased overnight losses and climbed higher in Asia, as markets cheered upbeat Aus retail sales data which came in at a six month high while Reserve Bank of Australia’s (RBA) policy decision remains in spotlight.
AUD/USD trades around 5-DMA
Currently, the AUD/USD trades higher at 0.7614, up 0.30% on the day, attempting a bounce towards daily highs at 0.7623. AUD/USD recovered losses and strengthened above 0.76 handle after Australian retail sales growth in February was the highest in six month, raising hopes that consumers will help drive the economic recovery.
Retail sales were up 0.7% m/m to AUD24.06 billion in February, coming in stronger than the estimates of a 0.4% rise in sales, and adding to January's upwardly-revised 0.5% gain. While, traders shrugged off downbeat Australian jobs ads data which fell for the first time in 10 months.
Meanwhile, markets keenly await key RBA rate decision, with traders placing bigger bets on the Oz Central Bank taking another 25 bps cut off the cash rate cut later today. RBA policy decision would come in at 4.30GMT.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7647 levels, above which gains could be extended to 0.7692 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7560 levels.
AUD/USD trades around 5-DMA
Currently, the AUD/USD trades higher at 0.7614, up 0.30% on the day, attempting a bounce towards daily highs at 0.7623. AUD/USD recovered losses and strengthened above 0.76 handle after Australian retail sales growth in February was the highest in six month, raising hopes that consumers will help drive the economic recovery.
Retail sales were up 0.7% m/m to AUD24.06 billion in February, coming in stronger than the estimates of a 0.4% rise in sales, and adding to January's upwardly-revised 0.5% gain. While, traders shrugged off downbeat Australian jobs ads data which fell for the first time in 10 months.
Meanwhile, markets keenly await key RBA rate decision, with traders placing bigger bets on the Oz Central Bank taking another 25 bps cut off the cash rate cut later today. RBA policy decision would come in at 4.30GMT.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7647 levels, above which gains could be extended to 0.7692 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7560 levels.