- AUD/USD extends gains, holds near weekly highs on the back of a stronger Aussie
. supports the bullish tone. - Risk appetite, Australian data, and higher commodity prices
The AUD/USD pair rose further during the US session and reached at 0.7675, the strongest level since April 23. It was holding near to highs consolidating important daily gains. So far, the Aussie is having the best week against the US Dollar since January.
Higher US yields did not help the US Dollar so far while the Aussie was benefited during the last hours by higher commodity prices and risk appetite. Earlier today, Australian Q1 GDP came in better-than-expected and triggered a rally of the pair the rose from levels near 0.7600.
From Friday’s close, AUD/USD has risen a hundred pips. The pair removed the bearish momentum and clear the way for a recovery after breaking the 0.7590/0.7600 barrier. Now it could be headed toward the weekly 20-SMA at 0.7715.
Technical levels to watch
To the upside, resistance levels might be located at 0.7675 (June 6 high), 0.7700 and 0.7725 (May 5 high). On the downside, supports are seen at 0.7665 (Jun 4 high), 0.7635 and 0.7605.
Share
