AUD/USD rises back above 0.76 handle

Eren Sengezer FXStreet

After dropping to 0.7585, the AUD/USD gathered momentum at the beginning of the NA session and leaped above 0.76. Following a consolidation above 99 region, the US Dollar index once again came under pressure, allowing the AUD/USD to move back into the positive area.

The macro data from the United States continue to be ignored by the participants as the Trump administration's ability to go on with the pro-growth policies are being questioned after Friday's defeat. Despite the increased pressure on the greenback, major US stock indexes started the day in a positive manner, suggesting that the downward momentum of the US dollar index could struggle to gain strength. Furthermore, U.S. 10 year bond yield is recovering from the daily low at 2.35%, further supporting the idea of a greenback correction.

AUD/USD: Multi-year decline completed - Westpac

The next data from the U.S. will be the CB Consumer Confidence Index for March, which will be followed by speeches from FOMC members and the Chairwoman Janet Yellen.

Technical outlook

As of writing, the pair is up 0.17% at 0.7630. A bearish slide below 0.7600 (psychological level) could extend towards 0.7555 (Mar. 15 low) and 0.7520 (100-DMA). On the upside, above 0.7640 (50-DMA), the pair could accelerate to 0.7685 (22 Mar. high) and 0.7750 (Mar. 21 high).

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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