- AUD/USD jumps 40-pips off 100-HMA after the recent data/event backed moves.
- Thursday’s top holds the key to the further upside towards the monthly high.
- Key Fibonacci retracement levels add to the downside support.
AUD/USD takes the bids near 0.7305, up 0.28% on a day, during the early Tuesday. Upbeat figures of China’s August month data dump joins the trade-positive headlines from Beijing to propel the quote off-late.
Read: China’s Aug data dump: Retail Sales, Industrial Production beat estimates, AUD/USD in highs
As a result, the bulls are targeting Thursday’s top near 0.7325 during the immediate upside ahead of confronting the 0.7360/70 resistance area.
Should the buyers remain dominant past-0.7370, highs marked on August 31 and September 01 around 0.7415 will be in the spotlight.
Alternatively, a downside break of 100-HMA, at 0.7272 now, will have to slip beneath the 50% and 61.8% Fibonacci retracement levels of September 8-10 upside, respectively around 0.7260 and 0.7240, to regain the sellers’ confidence.
In a case where the AUD/USD prices drop below 0.7240, the 0.7200 threshold will be on the sellers’ radar.
AUD/USD hourly chart
Trend: Further upside expected
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