AUD/USD: testing upside to R2 0.7690
|Currently, AUD/USD is trading at 0.7677, down -0.08% on the day, having posted a daily high at 0.7693 and low at 0.7650.
AUD/USD started to consolidate the 2017 bid and has struggled through the 0.77 handle. Commodities and metals remain a supportive factor as explained by analysts at Nomura here: AUD/USD: Iron ore, changed dynamics? - Nomura
The RBA minutes did not offer too much in the way of detail that warranted any moves ahead of this week's SOMP where traders are eagerly awaiting for further insights from the RBA. For today, we had a miss in the US data and we now turn to the Asia session where RBA's governor Lowe will be making a speech.
Federal Reserve's Harker, bullish and hawkish, dollar drifts
AUD/USD levels
AUD/USD is testing R2 at 0.7690 and has been supported by the ascending 20-d sma at 0.7650 that has been an area of demand since the pull-back to 0.75 the figure of the late December rally from 0.7176. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. 0.7731 is the high of the year for a target on bullish attempts ahead of last Dec's 0.7777 high and 0.7834 20th April 2016 high.
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