AUD/USD builds bullish momentum on 0,7400

FXStreet — The AUD/USD is the 4. Session, traded with a positive Outlook, and so he can develop the rest of the week from 4-month low on the 0,7400.

Currently, the trade takes place to 0,7415/20, where the daily highs are being tested. The Pair recorded gains, although the Chinese economy had been data weaker than expected, which is charged under normal circumstances, the Australian Dollar, as China is the largest trading partner of Australia. The subdued demand for the Greenback, after the Friday’s US data disappointed, is the most important factor for the support of the couple on the way to the top.

In the afternoon awaits us , only the US Empire State manufacturing index, which is the short-term oriented traders with a pulse can offer. However, it remains to be seen whether the Couple will have to overcome to be able to the 0,7425/30, while the expectations of a Fed rate hike increase, which impacted the higher-yielding currencies such as the Aussie.

Technical Prospects

The FXStreet chief analyst Valeria Bednarik says: «The daily chart shows a persistent negative mood, since the recovery of the pair stopped below the bearish 20-day SMA. On the same Chart, the technical indicators have recovered from oversold conditions, but they are still in the bearish area. On the 4-hour chart, the price a few Pips above the slightly bullish 20 SMA while the technical indicators are falling and it is currently a challenge of the center lines, which should limit the buying interest to the Pair.»

** FXStreet News Editorial, FXStreet**

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