17 Mar 2015
AUD/USD jumps to fresh highs above 0.7660
FXStreet (Mumbai) - AUD/USD snapped RBA minutes induced losses and bounced-back into green in the mid-European session mainly driven by extended weakness in the US dollar versus its major peers.
AUD/USD rises from 0.7630
Currently, the AUD/USD trades higher by 0.29% at fresh session highs of 0.7665 levels, having previously posted day’s low at 0.7613. The AUD/USD pair shaved-off previous losses and rebounded sharply largely on the back of a massive USD sell-off across the board ahead of commencement of Fed’s two-day policy meet later in the day.
The Aussie was slightly offered this morning as traders continued to digest the minutes from the Reserve Bank of Australia’s (RBA) March meeting which suggested that the AUD was still overvalued, and that more monetary easing was very much on the cards.
In the day ahead, AUD/USD is likely to take fresh cues from the release of crucial US housing data which may provide further dollar moves.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7681 (March 16 High) levels, above which gains could be extended to 0.7700 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7570 (March 12 Low) levels.
AUD/USD rises from 0.7630
Currently, the AUD/USD trades higher by 0.29% at fresh session highs of 0.7665 levels, having previously posted day’s low at 0.7613. The AUD/USD pair shaved-off previous losses and rebounded sharply largely on the back of a massive USD sell-off across the board ahead of commencement of Fed’s two-day policy meet later in the day.
The Aussie was slightly offered this morning as traders continued to digest the minutes from the Reserve Bank of Australia’s (RBA) March meeting which suggested that the AUD was still overvalued, and that more monetary easing was very much on the cards.
In the day ahead, AUD/USD is likely to take fresh cues from the release of crucial US housing data which may provide further dollar moves.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7681 (March 16 High) levels, above which gains could be extended to 0.7700 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7570 (March 12 Low) levels.