17 Feb 2015
AUD/USD rallies above 0.7800
FXStreet (Mumbai) - AUD/USD climbed higher in the mid-Asian morning, breaking above 0.7800 levels for the first time in five days, supported by a neutral Reserve Bank of Australia’s (RBA) monetary policy meeting minutes and a muted US dollar across the board.
AUD/USD rises from 0.7789 levels
Currently, the AUD/USD trades higher by 0.41% on the day, close to fresh session highs of 0.7809 levels, breaking above the 20-DMA. AUD/USD edged higher as the Australian dollar strengthened after the RBA minutes stated that the recent decline in the exchange rate was favourable for the nation’s economic growth and further noted that lower AUD/USD would also put some temporary upward pressure on inflation.
Moreover, a slightly subdued US dollar against major counterparts also added to the upside in the Aussie. Meanwhile, traders now await a set of US macro data later today and US FOMC meeting minutes due for release tomorrow for major impact on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7831 (Feb 2 High) levels, above which gains could be extended to 0.7852 (Feb 4 High) levels. On the flip side, support is seen at 0.7721 (Feb 13 Low) from here it to 0.7691 (Feb 11 Low) levels.
AUD/USD rises from 0.7789 levels
Currently, the AUD/USD trades higher by 0.41% on the day, close to fresh session highs of 0.7809 levels, breaking above the 20-DMA. AUD/USD edged higher as the Australian dollar strengthened after the RBA minutes stated that the recent decline in the exchange rate was favourable for the nation’s economic growth and further noted that lower AUD/USD would also put some temporary upward pressure on inflation.
Moreover, a slightly subdued US dollar against major counterparts also added to the upside in the Aussie. Meanwhile, traders now await a set of US macro data later today and US FOMC meeting minutes due for release tomorrow for major impact on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7831 (Feb 2 High) levels, above which gains could be extended to 0.7852 (Feb 4 High) levels. On the flip side, support is seen at 0.7721 (Feb 13 Low) from here it to 0.7691 (Feb 11 Low) levels.