AUD/USD at fresh multi-week tops, now eyeing yearly high
|The AUD/USD pair was building on last week's strong gains and extended its up-move further beyond the 0.7700 handle to fresh four week tops.
Currently trading around 0.7725-30 band, testing session highs, persistent bearish sentiment surrounding the greenback, with the US Dollar Index hitting the lowest level in over five weeks, helped the pair to maintain strong bid tone for third session in the previous four. Moreover, weaker US treasury bond yields were seen lending additional support to higher-yielding currencies - like the Aussie.
However, a weaker trading sentiment around copper prices has failed to provide additional bullish impetus and capped the pair just below yearly highs resistance near 0.7740 level touched on Feb. 23.
With an empty US economic docket, speech from the FOMC member Evans would grab all the spotlight and would provide some impetus during NA trading session ahead of the US President Donald Trump's speech and RBA meeting minutes during early Asian trading session on Tuesday.
Technical levels to watch
Momentum above yearly highs resistance near 0.7740 level now seems to boost the pair beyond Nov. 2016 highs resistance near 0.7770-80 region towards reclaiming the 0.7800 handle for the first time since April 2016.
On the downside, retracement back below 0.7700 round figure mark is likely to accelerate the slide back towards 0.7665 support area ahead of 0.7620-10 important support.
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