AUD/USD catches fresh bid, reverts to 0.7650

Dhwani Mehta FXStreet

AUD/USD found renewed bids near 0.7625 region, and rebounded towards the mid-point of 0.76 handle amid a quiet Asian session so far.

AUD/USD moved higher above all major DMAs

Currently, the AUD/USD pair trades +0.16% higher at 0.7639, heading for a retest of fresh nine-day highs previously posted at 0.7650. The Aussie keeps pushing higher, as the US dollar stalls its recovery attempt from post-FOMC lows against its major competitors.

Meanwhile, the bulls also found support from somewhat upbeat comments from new RBA governor Lowe, in his testimony before the parliament. While broad based commodities rally also buoyed the sentiment around the resource-linked currency.

In the day ahead, the major will get influenced by the USD dynamics and commodities’ price-action in absence of significant macro data, except for the US existing home sales data.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7659 (daily R1) above which gains could be extended to the next hurdle located at 0.7691 (Sept 6 high). On the flip side, the immediate support located at 0.7595 (daily pivot). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7637 (10-DMA).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7540

50% Bullish
30% Bearish
20% Sideways

Bias Bullish

1 Month

Avg Forecast 0.7438

25% Bullish
42% Bearish
33% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7424

20% Bullish
33% Bearish
47% Sideways

Bias Sideways

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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