9 Apr 2015
AUD/USD toying with 0.77
FXStreet (Mumbai) - AUD/USD reversed previous losses and advanced in Asia, extending its winning streak for the third straight session, as the US dollar stalled it FOMC minutes-back rally while upbeat Aus construction data also boosted the Aussie.
AUD/USD rises from 0.7680
Currently, the AUD/USD trades at fresh session highs near 0.7700, up 0.24% on the day, having previously posted day’s low at 0.7660. AUD/USD continues its upside bias as the Aussie remains boosted after Australia's construction industry experienced its first expansion in five months in March, indicating that the central bank's recent easy policy is bearing fruit.
The Australian Industry Group (AIG) Performance of Construction Index surged 6.2 points in March to 50.1. AIG said on Thursday that the rise in activity was led by housing construction, which expanded for the first time in four months.
More so, a minor pullback in the US dollar after the recent rebound following FOMC minutes which hinted towards a probable June rate hike, underpinned the AUD/USD pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7729 (April 8 High) levels, above which gains could be extended to 0.7762 (March 29 High) levels. On the flip side, support is seen at 0.7660 levels from here it to 0.7649 (5-DMA) levels.
AUD/USD rises from 0.7680
Currently, the AUD/USD trades at fresh session highs near 0.7700, up 0.24% on the day, having previously posted day’s low at 0.7660. AUD/USD continues its upside bias as the Aussie remains boosted after Australia's construction industry experienced its first expansion in five months in March, indicating that the central bank's recent easy policy is bearing fruit.
The Australian Industry Group (AIG) Performance of Construction Index surged 6.2 points in March to 50.1. AIG said on Thursday that the rise in activity was led by housing construction, which expanded for the first time in four months.
More so, a minor pullback in the US dollar after the recent rebound following FOMC minutes which hinted towards a probable June rate hike, underpinned the AUD/USD pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7729 (April 8 High) levels, above which gains could be extended to 0.7762 (March 29 High) levels. On the flip side, support is seen at 0.7660 levels from here it to 0.7649 (5-DMA) levels.