AUD/USD completes round trip

AUD/USD pair rose to 0.7630 before falling back to 0.7610 levels, which it had put to test in early Asia.

Tracks Oil

Aussie dollar is being guided by oil price action in Asia. Slightly upbeat comments from Algeria’s Energy Minister pushed oil higher by 1%. Aussie followed suit and added 20 odds pips to clock session highs around 0.7630.

However, prospects of oil output freeze are still very low, which made sure oil trimmed gains. Aussie too surrendered gains to trade around 0.7610. The empty Australian economic calendar means the spot is at the mercy of overall demand for US dollars and action in oil and gold.  

AUD/USD Technical Levels

A breakdown of immediate support at 0.7610 (5-DMA) would open doors for 0.7580 (50-DMA) and 0.7551 (10-DMA). On the other hand, breach of resistance 0.7635 (hourly 50-MA) would expose 0.7653 (previous day’s high) and 0.7675 (Thursday’s high).