AUD/USD up 0.19% on the day at 0.7670 breaking through 50-1hr sma

Currently, AUD/USD is trading at 0.7670, up 0.19% on the day, having posted a daily high at 0.7680 and low at 0.7653.

Despite the sharp sell-off when Yellen gave hawkish comments sparking ideas of a March hike when she delivered her "Humphrey Hawkins" testimony before the Senate Banking Committee, the Aussie has since recovered most of those losses to the 200-1hr smoothed-ma. Yellen will also make an appearance before the House Financial Services Committee tomorrow.

• Fed's Yellen: Some policies being discussed in Washington may raise deficits or help productivity
• Fed's Yellen: Will wait to gain further clarity on economic policy changes
• Waiting too long to tighten would be unwise - Fed's J.Yellen
• More rate hikes may be appropriate in upcoming meetings - Fed's J.Yellen
• Fed's Yellen agrees with core principles of Trump's executive order on financial reform

For today, however, the major commodity currency can continue to trade with a bullish bias between the 0.7600-0.7700 range and a breach of 0.7680 favours a test of the 0.77 handle towards April 2016 highs at 0.7834 on the wide. 

AUD/USD 1-3 month: 

Analysts at Westpac are looking for lower to 0.7400. "The US dollar’s impressive post-election rally may have paused, but still has potential to rise further during the months ahead. The Fed’s assertive tightening bias plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar. Against that coal and iron ore are likely to sustain a good portion of their dramatic rises, and economic data for Q4 and Q1 should improve, but these forces are subservient to the US dollar’s trend. Australia’s AAA rating will remain an issue into the May budget."

AUD/USD levels