AUD/USD better bid looking to penetrate 0.7635
|AUD/USD is better bid at the start of this week.
Markets are starting out positive in general and the Aussie is supporting on the 0.76 handle so far with a high of 0.7629 and a low of 0.7614. The pair is performing positively for the month of June, exceeding the highs of last month down at 0.7555 and is now approaching the previous high of the month so far at 0.7635.
RBA's Lowe: Growth next couple years likely stronger than recently
While there has not been any significant domestic data to start the week, RBA's Governor Lowe was noting that growth for the next couple of years will likely be stronger than recently. He was speaking on a panel at the Australian National University's Crawford Australian Leadership Forum. Next up are Fed speakers Dudley and Evans after the Fed hiking last week.
(People's Bank of China set the Yuan reference rate at 6.7972 vs. Friday's fix of 6.7995).
AUDUSD: The initial bids will arrive at 0.7600
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, AUD/USD approaches a bullish 20 SMA. "Technical indicators turned lower within positive territory, rather reflecting the absence of follow-through than suggesting upward exhaustion. The pair topped this past week at 0.7635, the level to surpass to confirm a new leg higher towards the critical 0.7700 region."
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