AUD/USD consolidated near 0.77 ahead of Chinese GDP

AUD/USD is struggling again in the vicinity of the 0.77 handle, having made fresh 2016 highs overnight of 0.7736.

AUD/USD is riding a better risk environment with Chinese data leaning towards an economy that is improving and buoying commodities and subsequently the commodity bloc currencies such as AUD/USD. U.S. CPI also supports the upside in the Aussie and waters down the hawkish display from various Fed speakers earlier in the week. Opposed to the usual calm Friday close, volatility could kick in on the back of yet further key Chinese data in Q1 GDP.

AUD/USD levels

AUD/USD's support in the immediate term stands at 0.7680/90 within the ascending and steep channel from the 1st March rally. The key resistance ahead through 2016 highs of 0.7736 comes as 0.7725/50. A break there would confirm that the bulls are in charge with 0.7859 12th June 2015 highs in focus and 0.7948 100 week ma there after.