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AUD/USD has been impulsively bullish recently after bouncing off the 0.75 support area. Despite the recent USD Federal Funds Rate hike, AUD was unstoppable with its gains which is proceeding optimistically towards 0.7750-0.7800 resistance area. AUD has been quite positive with the recent economic reports and events including Monetary Policy Meeting Minutes. The employment change has been a remarkable positive report for AUD which helped the currency to gain good momentum over USD resulting in more bullish pressure. Today AUD MI Leading Index report was published with an unchanged value of 0.1%, which was not quite helpful for the currency to strengthen the bullish momentum but could help to sustain it well by now. On the USD side, today Existing Home Sales report is going to be published with an increase to 5.53M from the previous figure of 5.48M and Crude Oil Inventories is expected to show less deficit to -3.6M from the previous figure of -5.1M. Moreover, tomorrow USD Final GDP report is going to be published which is expected to be unchanged at 3.3%, where any positive change can lead to bullish counter by the end of the week. As of the current scenario, AUD has been the dominant currency in the pair despite the recent USD rate hike which was expected to inject volatility in the market. As there are certain high impact economic reports on USD yet to be published, there are certain chance of an upcoming counter in the impulsive bullish trend by the end of the week.
Now let us look at the technical view, the price is currently quite corrective with the gains after an impulsive bullish move bouncing off the 0.75 support area. The price is residing above the dynamic level of 20 EMA as well which is expected to push the price higher towards the resistance area of 0.7750-0.7800. The price has already breached the recent lower high which as a result opened the doors for more bulls in the market taking it as an established bullish trend. As the price remains above 0.75 support area the bullish bias is expected to continue further.
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