AUD/USD Reaches Fresh 2016 Highs

AUD/USD Reaches Fresh 2016 Highs

14 April 2016, 16:44
Roberto Jacobs

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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