AUD/USD Reaches Fresh 2016 Highs
The Australian dollar stretched to fresh 2016 highs at the beginning of
the New York session as the greenback weakened slightly following US CPI
soft figures.
AUD/USD reached its highest level
since June 2015 at 0.7736 before losing steam and entering a phase of
consolidation just below it. At time of writing, the pair was trading at
0.7708, recording a 0.73% gain on the day.
During the Asian
session, strong employment data in Australia triggered Aussie rally. The
unemployment rate fell to 5.7% from 5.9% in February and 26.1K new jobs
were added.
AUD/USD levels to watch
As
for technical levels, next resistances are seen at 0.7770 (Jun 24 2015
high) and 0.7848 (Jun 18 2015 high). On the flip side, immediate
supports could be found at 0.7600 (psychological level/20-day SMA) and
0.7527 (Apr 11 low).
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