The aussie is extending its gains as markets keep up the risk-on mood
The aussie is buoyed after better-than-expected retail sales data earlier as well as a more optimistic risk tone in markets as Chinese PMI figures rebounded slightly in March. That saw AUD/USD break back above its key hourly moving averages, putting buyers in the driver's seat in the near-term.
Since that break this morning, price is extending higher above 0.7100 and now touches a high of 0.7127 on the day. Near-term resistance is seen next around 0.7129-32 from the highs posted on Monday.
Beyond that, key resistance lies near the 0.7150 level where the 100-day MA is located.
That will be the key level to watch out for in trading later today. If price holds a break above that at the close, it will put an end to the bearish bias/momentum in the pair.
At the moment, markets are still largely focusing on risk sentiment and that is continuing to weigh on the dollar as well with the greenback down near the lows against the likes of the euro, loonie and kiwi as well.
Source: https://www.forexlive.com/technical-ana ... r-20190403
