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AUD/USD jumps toward 0.7600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Boosted by risk appetite and a weak US dollar, AUD/USD broke above 0.7530 and jumped to 0.7581, reaching the highest level since July of last year. Today the aussie is among the best performer in the currency market.

    The pair remains near the highs holding a bullish tone. Price has approached the 0.7600 area and it has rallied more than 150 pips from yesterday’s lows.

    AUD/USD is about to post the second weekly gain in a row and the highest since June 2015. So far, during 2016, it is up by more than 600 pips as it recovers from multi-year lows that reached in January at 0.6826.

    AUD/USD technical levels

    To the upside, resistance level might lie at 0.7580/85 (daily high), 0.7595 (June 1, 5 & 8 low) and 0.7650 (July 03 high). On the opposite direction, support levels could be seen at 0.7530 (March 9 low), 0.7490 (20-hour MA) and 0.7440 (daily low).
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