AUD/USD erases losses and climbs to 0.7675

A weak US dollar pushed AUD/USD back into positive territory. The pair bottomed on Asian hours at 0.7611 but then bounced to the upside. After the beginning of the American session, it peaked at 0.7677. 

The recovery of the pair lost strength before yesterday’s highs that lie near 0.7690. Currently, AUD/USD trades at 0.7660/65, 15 pips above yesterday’s closing price. 

So far the Aussie is up for the week, attempting to regain momentum after last week’s rejection from above 0.7700 but with the FOMC statement in a few minutes and the NFP report on Friday (also on Friday is due the RBA statement) the pair is exposed to certain volatility until the end of the week. 

Technical levels 

To the upside, resistance levels might lie at 0.7677 (daily high), 0.7700 (psychological) and 0.7730/35 (Oct high). On the opposite direction, support could be located at 0.7660 (American session low), 0.7620 (20-day moving average) and 0.7595 (Oct 1 low).