AUD/USD climbs to 15-day highs, inches closer to 0.70

Broad-based greenback weakness helps the pair push higher.
Focus today remains on FOMC Chairman Powell's speech.
RBA's Bullock refrained from commenting on the policy outlook.

Eren Sengezer FXStreet

The AUD/USD pair extended its rally on Tuesday and continued to push higher amid the persistent selling pressure surrounding the greenback. As of writing, the pair is trading at its highest level in more than two weeks at 0.6970, adding 0.15% on a daily basis.

The lack of macroeconomic data releases from Australia during the Asian session on Tuesday allowed the greenback's market valuation to continue to drive the pair's price action. Earlier today, Reserve Bank of Australia (RBA) Assistant Governor (Financial System) Michele Bullock didn't touch on the RBA's next policy move. Hurt by the heightened odds of the Fed opting out either for a 50 basis points or a 25 basis points rate cut in July, the US Dollar Index slumped to its lowest level in more than three months at 95.84.

Ahead of the Conference Board's Consumer Confidence Index and new home sales data from the U.S., the US Dollar Index is moving sideways near the 96 mark.

During his prepared speech earlier today, NY Fed President Williams didn't comment on the policy outlook or the current state of the economy. Later in the day, FOMC Chairman Powell will be speaking on the monetary policy and could trigger a fresh USD-selling wave if he keeps his dovish tone and doubles down on rate cuts.

Technical levels to consider

AUD/USD

Overview
Today last price	0.6972
Today Daily Change	0.0010
Today Daily Change %	0.14
Today daily open	0.6962

Trends
Daily SMA20	0.6933
Daily SMA50	0.6975
Daily SMA100	0.7042
Daily SMA200	0.7108

Levels
Previous Daily High	0.6969
Previous Daily Low	0.6926
Previous Weekly High	0.6938
Previous Weekly Low	0.6831
Previous Monthly High	0.7062
Previous Monthly Low	0.6862
Daily Fibonacci 38.2%	0.6953
Daily Fibonacci 61.8%	0.6942
Daily Pivot Point S1	0.6936
Daily Pivot Point S2	0.6909
Daily Pivot Point S3	0.6893
Daily Pivot Point R1	0.6979
Daily Pivot Point R2	0.6995
Daily Pivot Point R3	0.7022

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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