AUD/USD: Bulls target 50-DMA amid upbeat fundamentals

Having consolidated around 0.75 handle so far this week, the AUD/USD pair finally broke higher on Thursday, with the bulls now pushing the rate to fresh weekly highs just shy of 0.76 handle.

The Aussie received double booster shot earlier on the day, as solid Australian jobs and Chinese trade data lifted the sentiment around the AUD, while broad based US dollar softness amid Trump’s jawboning also collaborated to the upside.

Meanwhile, the major also ignored persisting risk-off environment, as markets took profits off the table on their AUD shorts heading into the Easter-holiday-break. Further, rallying copper and gold prices also boosted the resource-linked Aussie.

Next on tap for the major remains the US PPI, consumer sentiment and Jobless claims data for fresh USD moves.

AUD/USD Levels to watch   

At 0.7585, the pair finds the immediate resistance at 0.7621/36 (50-DMA/ March 7 high) above which gains could be extended to the next hurdle located 0.7650/66 (psychological levels/ Fib R3) and 0.7677/80 (March 29 & 30 high). On the flip side, the immediate support located at 0.7543/41 (200 & 10-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7506 (daily pivot) and below that 0.7470 (key support).