AUD/USD Price Analysis: Bulls attack 0.6710 resistance as upbeat Australia trade data joins dovish Fed

AUD/USD stays firmer for third consecutive day while piercing 21-DMA.
Australia trade numbers for March came in firmer, Fed signals halt to rate hike trajectory.
Looming bull cross on MACD, steady RSI (14) suggests further grinding towards the north.
Descending resistance line from mid-February restricts immediate upside, Aussie bears remain cautious beyond 0.6565.

Anil Panchal FXStreet

AUD/USD picks up bids to prod intraday high surrounding 0.6695 heading into Thursday’s European session as bulls cheer strong Australia’s trade numbers and the Federal Reserve’s (Fed) dovish rate hike. In doing so, the Aussie pair ignores downbeat China data, fears surrounding the US banking sector fallout and debt ceiling expiry.

Australia’s headline Trade Balance rose to 15,269M in April versus 12,650M market forecast and 13,870 prior. Further, Exports and Imports also improved to 4.0% and 2.0% versus -3.0% and -9.0% respective priors.

On the other hand, China’s Caixin Manufacturing PMI for April drops to 49.5 versus 50.3 expected and 50.0 prior. Earlier in the week, the NBS Manufacturing PMI for the dragon nation offered a negative surprise before the Chinese markets went on a long holiday until Thursday.

With more positives than negatives, the AUD/USD pair manages to cross the 21-DMA hurdle, now immediate support around 0.6675. The upside momentum also takes clues from the impending bull cross on the MACD and firmer RSI (14) line, near 50 level.

However, the quote needs to provide a daily closing beyond a downward-sloping resistance line from February 14, near 0.6710, to regain the market’s confidence in marking another battle with the 100-DMA hurdle of around 0.6790.

On the flip side, a surprise pullback of the AUD/USD price can aim for 0.6630 before poking the 0.6600 round figure.

Following that, a horizontal area comprising multiple levels marked since November 2022, around 0.6565-75, will be crucial for the bears to conquer to keep the reins.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6692
Today Daily Change	0.0022
Today Daily Change %	0.33%
Today daily open	0.667

Trends
Daily SMA20	0.6676
Daily SMA50	0.6686
Daily SMA100	0.6788
Daily SMA200	0.6732

Levels
Previous Daily High	0.6703
Previous Daily Low	0.6649
Previous Weekly High	0.6706
Previous Weekly Low	0.6574
Previous Monthly High	0.6806
Previous Monthly Low	0.6574
Daily Fibonacci 38.2%	0.6683
Daily Fibonacci 61.8%	0.667
Daily Pivot Point S1	0.6645
Daily Pivot Point S2	0.662
Daily Pivot Point S3	0.6591
Daily Pivot Point R1	0.6699
Daily Pivot Point R2	0.6728
Daily Pivot Point R3	0.6753

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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