AUD/USD Pushes Higher to 0.7440

AUD/USD Pushes Higher to 0.7440

7 June 2016, 08:24
Roberto Jacobs
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AUD/USD Pushes Higher to 0.7440

The Aussie dollar is extending its upside momentum today, now lifting AUD/USD to fresh daily tops in the 0.7440 area.

AUD/USD propped up by steady RBA

AUD gathered extra steam after the RBA showed no easing bias at its meeting today, where it left unchanged its benchmark rate at 1.75%, broadly in line with market expectations.

Spot is thus extending its rebound from recent lows in the  mid-0.7100s, clinching its second consecutive week with gains so far and navigating fresh 5-week tops following today’s breakout of the 0.7400 barrier.

AUD/USD levels to watch

At the moment the pair is advancing 0.96% at 0.7437 and a break above 0.7478 (55-day sma) would open the door to 0.7597 (23.6% Fibo of the Jan-Apr up move) and finally 0.7725 (high Mar.31). On the other hand, the next support aligns at 0.7316 (low Jun.6) followed by 0.7262 (200-day sma) and then 0.7210 (61.8% Fibo of the Jan-Apr up move).

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