AUD/USD marches on with 0.7740/78 resistance up ahead through 0.77 handle

Ross J Burland FXStreet

Currently, AUD/USD is trading at 0.7672, up 0.51% on the day, having posted a daily high at 0.7676 and low at 0.7631.

AUD/USD remains better bid in the upper end of the 0.76 handle en-route to 0.7680 and 22nd March highs. The risk tone is positive again today and that is aiding the Aussie along with a continuation of iron ore prices in a recovery of the lows this month with Iron Ore 62% Fe CFR April 2017 (NYMEX) highs of 81.92 from 79.40 lows on the 27th March.

Gold remains in a tight range around $1250

There are concerns about house prices and mortgage debt from the RBA that should keep the RBA on hold for the foreseeable future and that too underpins strength in the Aussie. However, it will not be too long before any significant advances in the Aussie will raise the concern about how it will damage the Aussie economy and entice the RBA to intervene one way or another. However, for the time being, risk is on and higher yields will support AUD/JPY and underpin the Aussie on the front foot.

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AUD/USD levels

AUD/USD targets the 0.7740/78 resistance levels made up from the February and November 8th highs. The April 2016 high at 0.7836 would then be next in focus on a break of the 0.7778/0.7850 2016 highs and the 38.2% retracement. 0.7850 guards the 200-month ma at 0.7940. To the downside, the key support area of interest is 0.7548 and the 200 day ma.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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