AUD/USD analysis: near 0.7600, but not enough

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7588

The Aussie advanced for a second consecutive day against the greenback, with the pair settling at 0.7588, not far from its daily high of 0.7598. The Australian dollar found support in rising equities and soft US data, with the advance limited by gold's slump. The country has nothing to offer from a macroeconomic point of view during the upcoming days, taking clues then from dollar's self strength and equities. The advance has pushed the price back above a key Fibonacci support at 0.7575, the 23.6% retracement of its latest bullish run, while in the 4 hours chart, the 20 SMA gains upward strength below the current level as technical indicators consolidate within positive territory, not enough to confirm further advances, but good enough to limit slides ahead, despite a resilient dollar. The AUD/USD pair topped at 0.7635 last week, being now a critical resistance as above it, the rally could extend towards the 0.7700 region.

Support levels: 0.7375 0.7535 0.7500

Resistance levels: 0.7600 0.7635 0.7680

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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