AUD/USD hits weekly highs at 0.6770; Aussie outperforms
- Australian Dollar outperforms during the American session.
- US Dollar loses momentum after US economic data.
- AUD/USD breaks short-term resistance, tests 0.6770.
The AUD/USD broke above 0.6740/45 and jumped to 0.6771, reaching the highest level in a week. The pair then pulled ack and is hovering around 0.6755, holding firm to daily gains.
The initial boost came from a weaker US Dollar, following the release of US economic data. Jobless Claims and the Philly Fed came in below expectations. US yields are falling. The 10-year yield falls almost 2% and is at 3.52%, a four-day low. The DXY is down by 0.17% after spending most of the day in positive ground.
The Australian Dollar is outperforming during the American session. The AUD/NZD is up by a hundred pips, above 1.0900, at the highest level since late February. EUR/AUD dropped to 1.6220, the lowest level in two weeks.
Short-term outlook
The AUD/USD is above the 0.6740 area, that has become the initial support. While above, the pair could keep testing the 0.6770 zone, the last defense for 0.6800. While above 0.6740, the bias is to the upside.
Technical levels
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
