AUD/USD: steady awaiting RBA minutes tonight, eyes on 0.80 handle?

Ross J Burland FXStreet

Currently, AUD/USD is trading at 0.7730, up 0.34% on the day, having posted a daily high at 0.7750 and low at 0.7690.

AUD/USD remains steady after and the best performer this month with the rally from 0.7490 territory and progressive demand through 0.7590 and 0.7605. The bulls kept building at 0.7660 to current highs.

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"A slow-motion rise in US yields and in Fed rates is a recipe for money to gravitate towards higher-yielding currencies and in G10, that means the Australian dollar is a favourite pick," explained Kit Juckes, economist at Societe Generale, adding, "We get RBA Minutes overnight but more importantly, a break of AUD/USD 0.7780 would get technical analysts excited about a move to 0.8160."

AUD/UD levels

AUD/USD finally set for a rally towards 0.80?

AUD/USD near term outlook is neutral, according to analysts at Commerzbank. "The market shot up to its current March high at 0.7718 before giving back some of its recent gains. We nonetheless view the current March low at 0.7492 as a near-term base and would allow for gains to the 0.7778 8th November high to be seen once the February high at 0.7740 has been exceeded."

AUDUSD Elliott Wave view: Ending 5 waves move

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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