AUD/USD up for the third day, holds near 0.7600

  • Australian dollar among top performers on Tuesday.
  • AUD/USD holds to gains but unable to break 0.7600.

The AUD/USD pair is consolidating near 0.7600, on its way for the third consecutive daily gain. The Australian dollar is among the top performers supported by risk appetite, positive expectation on US-China trade negotiations and also by higher commodity prices.

The pair reached earlier today levels on top of 0.7600 for the first time since April 24 but it failed to extend the run above and pulled back. The retreat from the top found support at 0.7580. During the last hours, AUD/USD has been moving in a range, between 0.7580 and 0.7600 consolidating a modest daily gain.

The US dollar continues to show strength in the market support by higher US yields but on Tuesday moves so far have been limited. On Wednesday, the release of the FOMC minutes could influence on the greenback.

Levels to watch

To the downside, immediate support is seen at 0.7580 (lower limit of current range), followed by 0.7565 and 0.7540. On the upside, above 0.7600 resistance might be seen at 0.7615 and 0.7660.

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