Data showed that China services sector activity expanded from 51.2 in Feb to 52.2 in Mar, highlighting that the recent stimulus measures by the Chinese are yielding results.
Dismal Australia trade data along with widespread risk aversion and RBA rate decision had seen heavy losses in the pair over the last two trading sessions.
AUD/USD was at the time of writing trading at 0.7561, with immediate resistance at 0.7570 (4H 10 ) and support at 0.7543 (4H 5 ).
Technical indicators on the 2 hourly charts show scope for some upside - Stochs have rolled over from oversold, points north, 5-DMA crossover on 10-DMA and line crossover on signal line.
RBA’s assistant governor Kent's speech will be watched, while the main focus remains on the FOMC minutes release amid an otherwise data-empty US session.
Our previous call (link below) hit target 1 @ 0.7510. pair could see some upside till 0.76
Good to buy dips around 0.7555/60, SL: 0.7530, TP: 0.7595