AUD/USD consolidates gains above 0.7600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD is testing daily highs as the US dollar drops further across the board while stocks in the US hit fresh highs. The pair recently reached 0.7650, the highest price since early July. Afterwards pulled back and rebounded at 0.7590, climbing back to daily highs. The Dow Jones is up 0.75% or 130 points at 17,455 while the Nasdaq gains 0.56%.

    A weak US dollar after yesterday’s FOMC decision pushed AUD/USD to the upside. During the Asian session, Australian employment numbers sent the pair to fresh highs.

    The aussie is among the top performers in the currency market on Thursday and is headed toward the third weekly gain in a row versus the US dollar.

    AUD/USD technical levels

    To the upside, resistance levels could be located at 0.7650 (daily high), 0.7700 (psychological) and 0.7745 (20-WMA). On the opposite direction support now might be seen at 0.7605 (20-hour MA), 0.7530 (daily low) and 0.7410/15 (March 16 low).
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