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    AUD/USD stays with the bid through 50 dma at 0.7468

    AUD/USD, through the 50 dma at 0.7468, has been non stop in the bid  and copper is playing catch up in the long standing correlation as well, with a better sense of risk apatite in the markets and demand.Copper has been bid from the lows in an otherwise low consumption driven bear trend circa 2.0450 in CFD's up to 2.08 the high while the Aussie continues on its northerly trajectory marking 0.7482 highs in the US session supported by a strong advance in gold prices as well. Despite the Chinese trade exports falling more than expected yesterday down by 4.1% year on year, imports beat expectations supporting a lift in copper and overall mood in the commodity sector with actual shrinking just 0.4% vs a previous 10.9% decline and the 6.0% expected. The RBA is fully expected to remain on hold for the forseeeable future and that is underpinning the bid while the Fed is a big uncertainty at the moment and are unlikely to hike rates any time soon.Techncially, Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair has broken above the 38.2% retracement of this year's decline at 0.7450, now the immediate support, and overall is expected to maintain its bullish strength. "In the 4 hours chart, the 20 SMA has extended its advance well below the 200 EMA and now stands around 0.7400, providing an intraday support in the case of a downward move, whilst the RSI indicator consolidates around 75 and the Momentum indicator retreats partially within positive territory, pointing to some further range before a new directional move."


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