AUD/USD: Further upside potential up to 1.06
The Australian Dollar enjoyed good strength against the US Dollar after China reported a trade deficit for March, pushing AUD/USD above 1.05. At 1.0515 at the time of writing, the bulls seem to have found enough collective momentum to push the market higher. With the RSI having just breached above the 60 threshold on the daily chart, the risk appetite that has built up puts the near term resistance area in focus seen at 1.055 and 1.0575. A break above these levels would open the door for the psychologically important level at 1.06. We do expect some noise at this point of time, but as long as the market remains above key support level at 1.0465, there is no reasons for the bulls to worry. Onto the main topics of today, another quiet day on the European economic data front keeps the focus on US event risks with the US Petroleum report and the FOMC minutes among the most notable.
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