Currently, AUD/USD is trading at 0.7706, up 0.32% on the day, having posted a daily high at 0.7717 and low at 0.7667.
AUD/USD has rallied on the back of broad base dollar weakness after the FOMC minutes failed to give markets any clues as to when the next rate hike might be with yet more vagueness from the committee of policy makers. AUD/USD has rallied from the aligning four-hour 20 and 50 sma through 0.7680 and reached the aforementioned highs.
The resistance here is tough as marked by the previous attempts earlier in the month and highs of 0.7731. The key take-away is that 'fairly soon' is not MArch but could be June and thus we are back to the drawing board, monitoring the US economy for further improvements in key and noted areas continuously expressed by the Fed.
AUD/USD eroded the 2013-2017 downtrend and cleared the 0.7645 Fibo resistance recently and now this. We are now looking at a test of the 0.7778/.7850 2016 highs and the 38.2% retracement. "Directly above here lies the 200-month ma at 0.7930," explained analysts at Commerzbank, adding, "Very near term we would allow for a dip to 0.7595/15 ahead of further gains."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.