AUD/USD analysis: poised to challenge critical 0.7700 resistance

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7672

After being under pressure for most of the past week, the AUD/USD pair surged on Friday, ending the week flat at 0.7670. The Aussie got a boost by China's January trade balance figures which came in much stronger-than-expected, fueling optimism over the state of the world's second largest economy. In USD terms, Chinese trade surplus widened to $51.4 billion from $40.8 billion, while imports soared by an annualized 16.7%, following a 3.1% gain the previous month. Exports rose at a 7.9% annualized rate, following a 6.2% drop in December. The figures suggest that demand for Australian metals will remain strong, backing the commodity-related currency. However, and from a technical point of view, the pair is still unable to advance beyond 0.7700, a major resistance for most of 2016, as the pair has been continuously rejected on attempts to advance beyond it since last April. Technical readings favor a break higher, as in the daily chart, indicators have turned higher, with the Momentum bouncing from its 100 level and the RSI heading north around 67, whilst the price is well above a bullish 20 DMA, currently around 0.7600, the base of the weekly range. In the 4 hours chart, the pair presents a neutral-to-bullish stance, as the price is above a flat 20 SMA, while technical indicators have lost upward strength within positive territory.

Support levels: 0.7650 0.7605 0.7570

Resistance levels: 0.7710 0.7745 0.7790

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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