AUD/USD Recovers After 5-Day Decline
AUD/USD
is rising on Tuesday, at a modest pace and still hold below Monday’s
highs. The pair rose during the Asian session and peaked on European
hours at 0.7372. Afterward, it pulled back to 0.7325, where the 20-hour
moving average stands and from there bounced back to the upside.
Currently
is testing daily highs at it trades at 0.7365/70, up 55 pips for the
day, rising for the first time in a week. On Asian hours it bottomed at
0.7298, reaching the lowest levels in two weeks.
Greenback is
falling across the board amid risk appetite. While the aussie is the
best performer among commodity currencies. The Dow Jones is up 1.0%
while the Nasdaq gains 0.92%.
AUD/USD technical levels
To
the upside, resistance levels might lie at 0.7340/45 (daily high),
0.7400 (psychological) and 0.7445 (May 4 low). On the opposite
direction, support levels could be seen at 0.7330 (20-hour moving
average), 0.7298 (daily low) and 0.7255/60 (Feb 22 & 26 high).
