AUD/USD pops above 0.7600 briefly, RBA’s Debelle eyed

Dhwani Mehta FXStreet

The bulls extended their control in Asia, having taken AUD/USD further northwards in a bid to print fresh six-day tops just ahead of 0.76 handle.

AUD/USD trades above all major DMAs

The spot is on a rising trend so far this week, extending Friday’s solid rebound, in response to a steady recovery in oil prices and broad based US dollar softness. Additionally, stronger China’s industrial profits data for May also added to the renewed bullish momentum seen in the major.

However, over the last hours, the Aussie struggles to extend the break above 0.76 handle, as mixed Asian equities combined with weaker copper and oil prices weigh negatively on the higher-yielding commodity currency.

Attention now turns towards the RBA Assistant Governor Debelle’s speech due out in the European session for fresh light on the RBA’s monetary policy approach going forward. Also, the US dataflow followed by Fed Chair Yellen’s speech will also hog the limelight later today.

AUD/USD Levels to watch

At 0.7601, the pair finds the immediate resistance at 0.7630-40 (key resistances) above which gains could be extended to the next hurdle located 0.7680 (Mar 30 high) and 0.7700 (zero figure). On the flip side, the immediate support is located at 0.7550 (psychological levels). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7533 (100-DMA) and below that 0.7509/0.7497 (200-DMA/ Jun 7 low).

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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