AUD/USD: 0.7700 on the cards? - FXStreet

Valeria Bednarik, chef analyst at FXStreet noted the conditions surrounding AUD/USD overnight.

Key Quotes:

"Slowly but steadily, the AUD/USD ground higher this Monday, underpinned by the positive tone in European and American equities, and further recoveries in oil's prices.

Australia will release its March NAB Business confidence and current conditions indexes during the upcoming Asian session, while more data will be out from China, all of which can give the pair a lift on positive surprises. The pair is up for second day in-a-row, after testing once again the 0.7500 region late last week the 23.6% retracement of this year bullish run.

Still at risk of correcting lower, given the inability of the pair to advance beyond the 0.7700 level, the pair presents a mild positive tone in the short term, as in the 1 hour chart, the price is well above a bullish 20 SA, whilst the technical indicators have lost their upward strength, and consolidate within positive territory.

In the 4 hours chart, the 20 SMA offers an intraday support around 0.7560, while the technical indicators are losing upward steam and turning slightly lower within positive territory. At this point the pair needs to settle at least above 0.7640, to be able to advance further this Tuesday, back towards its year highs in the 0.7700 region."