AUD/USD hits fresh highs above 0.7600

A decline of the US dollar across the board pushed the AUD/USD pair to break above 0.7600, for the first time since April 4. It peaked at 0.7609 and then pulled back modestly. So far it has been unable to make a rally on top of 0.7600 but remains with a bullish tone. 

Since the beginning of the week, AUD/USD has been moving with an upside bias, continuing with last week moves. Chinese data offered an impulse to the pair, with Q1 GDP growth above expectations. Later during the day, US data showed a lower-than-expected reading in the Empire manufacturing index, that dropped from 16.4 to 5.2. On Tuesday, the key event for the pair will be the release of the minutes from the latest meeting of the Reserve Bank of Australia (RBA). 

China data dump solid: Q1 GDP betters expectations

Technical outlook

A consolidation above 0.7600, could add support for an extension of the upside. The next resistance area might be located at 0.7635/40, followed by 0.7680 (Mar 30 highs). 

The bullish tone is likely to remain in place as long as price holds above the 20-period moving average in the 4-hour chart, that stands at 0.7565; below the mentioned line, the Aussie is likely to lose strength. Support levels below are seen at 0.7540/45 (Apr 4 low), 0.7515 (Apr 11 high) and 0.7475 (Apr lows).