AUD/USD bounces-off 10-DMA, revisits daily highs

Dhwani Mehta FXStreet

The Aussie stalled its sharp recovery from post-Yellen lows near the upper bound of 0.76 handle, and now consolidates in a narrow range, having found fresh bids at 10-DMA (0.7655) last hour.

AUD/USD is seen fluctuating between gains and losses over the last hours, now finally managing to regain the bids amid risk-on rally seen in the Asian equities, which underpins the sentiment around the higher-yielding currency AUD somewhat.

Although further upside appear limited as the greenback remains broadly bid amid recent hawkish/bullish comments from Fed Chair Yellen delivered during her congressional testimony last US session.

Attention now turns towards a spate of crucial US macro releases, including the CPI and retail sales figures, for next direction on buck. While round 2 of Yellen’s testimony due later today will also grab the eyeballs.

AUD/USD Levels to watch

At 0.7656, the pair finds the immediate resistance at 0.7699 (multi-week high) above which gains could be extended to the next hurdle located 0.7750 (psychological levels) and 0.7773 (Nov 9 high). On the flip side, the immediate support located at 0.7655 (10-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7600 (round figure) and below that 0.7570 (Feb 2 low).

1. R3 0.7777
2. R2 0.7737
3. R1 0.7697
PP 0.7657
1. S1 0.7617
2. S2 0.7577
3. S3 0.7537

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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