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AUD/USD clocks fresh 3-month high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Broad based selling in the US dollar pushed the AUD/USD pair to a fresh three month high of 0.7698 levels in Europe.

    Dovish Yellen triggers USD sell-off

    European desks are responding to the dovish comments from Fed’s Yellen by offering US dollar across the board. Furthermore, uptick in gold and oil prices is also adding to the bullish tone around the Aussie dollar.

    Consequently, the currency pair rose to a three-month high of 0.7698 and now trades around previous cyclical high of 0.7680 levels. Ahead in the day, ADP private sector payrolls report in the US could influence overall demand for the US dollars.

    AUD/USD Technical Levels

    The immediate hurdle is seen at 0.77 ahead of a resistance at 0.7738 (July 1 high), above which pair may test 0.7849 (June 18 high). Conversely, a break below 0.7680 (Mar 18 high) would open doors for a drop to 0.7585 (10-DMA) and 0.7500 levels.
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