AUD/USD extends the rebound from hourly 50-MA

The AUD/USD pair extended the rebound from the hourly 50-MA support after the data released in Australia showed a rise in exports helped reduce the trade deficit in September. 

Will Aussie extend the four-day winning streak?

As of now the pair is trading higher for the fifth straight day. However, the question is whether the Aussie is able to hold on to its gains till the London or NY closing. 

The hawkish Fed statement took the wind out of the US dollar bears, although the recovery in the US dollar is at the mercy of fresh pre election polls. 

Furthermore, the fate of the Aussie-dollar pair also depends on the US ISM non-manufacturing PMI and the employment sub index that will be released in the American session.

AUD/USD Technical Levels

The spot was last seen trading around 0.7670 levels. A daily close above the stiff resistance around 0.77 handle would open doors for a rally to 0.7761 (Aug 11 high), beyond which the 2016 high of 0.7836 could be put to test. On the lower side, hourly 50-MA of 0.7653 if breached could yield a deeper retracement to 0.7628 (hourly 200-MA), under which the losses could be extended to 0.7582 (100-DMA).