AUD/USD: Bulls eye 0.7700 on upbeat CAD, GDP eyed

Dhwani Mehta FXStreet

The AUD/USD pair stalled its overnight retreat near 0.7670 region and made a solid comeback over the last hours, as the sentiment around the AUD got boosted by positive current account data, which showed Australia’s smallest Q4 current account deficit (CAD) since September 2001.

However, it remains to be seen if the Aussie can conquer 0.77 handle ahead of Wednesday Q4 GDP release, as investors remain unimpressed by poor Aus Jan private sector credit and new home sales data.

Focus is now on the Australian Q4 GDP due for release 0030GMT on Wednesday, while Trump’s congressional address will grab a lot of eyeballs later today.

AUD/USD Levels to watch

At 0.7670, the pair finds the immediate resistance at 0.7710 (previous high) above which gains could be extended to the next hurdle located 0.7743 (multi-week high) and 0.7780 (psychological levels). On the flip side, the immediate support located at 0.7652 (daily S1). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7600 (round figure) and below that 0.7542 (200-DMA).

1. R3 0.7771
2. R2 0.7746
3. R1 0.7712
PP 0.7688
1. S1 0.7654
2. S2 0.7629
3. S3 0.7595

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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