AUD/USD retreats from highs but holds above 0.7400

The Australian dollar continues to recover ground against the greenback, having reached a 6-day high during the European session.

AUD/USD reached a peak of 0.7444 but failed to hold at highs and pulled back slightly to currently trade around 0.7415, still up 0.24% on the day, and posting its third daily gain in a row. AUD/USD bottomed out at 0.7310 on Monday, marking a 5-month low.

There are several US economic reports today, including durable goods orders, weekly jobless claims, new home sales, Markit flash manufacturing PMI, and the University of Michigan consumer confidence. Later, the FOMC will release its latest meeting minutes.

AUD/USD levels to watch

In terms of technical levels, next resistances could be found at 0.7444  (Nov 23 high), 0.7467 (10-day SMA) and 0.7500 (psychological level/Nov 17 high). On the other hand, supports are seen at 0.7330 (Nov 18 low), 0.7310 (Nov 21 low) and 0.7285 (Jun 16 low).

To learn more about this topic, check our video analysis:

AUD-USD from Tip TV Productions on Vimeo.