19 Feb 2015
AUD/USD jumps to fresh 2-week highs on softer USD
FXStreet (Mumbai) - AUD/USD advanced gradually in Asia and hit fresh two-week highs amid a softer US dollar and thin liquidity as most traders remain on the side lines due to Lunar New Year holiday.
AUD/USD firmly supported above 0.7800
Currently, the AUD/USD rallied 0.38% to fresh two- week highs at 0.7843 and faces strong resistance at the level. AUD/USD trades higher on a weaker US dollar against its major peers after the FOMC minutes in the US last session confirmed that the Fed may remain patient with regards to the timing of the rate lift-off. Moreover, a pullback in gold and oil prices also added to the gains in the commodity currency.
Meanwhile, traders may now focus on a series of US economic releases to be released later in the day for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7880 levels, above which gains could be extended to 0.7907 levels. On the flip side, support is seen at 0.7807 from here it to 0.7775 levels.
AUD/USD firmly supported above 0.7800
Currently, the AUD/USD rallied 0.38% to fresh two- week highs at 0.7843 and faces strong resistance at the level. AUD/USD trades higher on a weaker US dollar against its major peers after the FOMC minutes in the US last session confirmed that the Fed may remain patient with regards to the timing of the rate lift-off. Moreover, a pullback in gold and oil prices also added to the gains in the commodity currency.
Meanwhile, traders may now focus on a series of US economic releases to be released later in the day for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7880 levels, above which gains could be extended to 0.7907 levels. On the flip side, support is seen at 0.7807 from here it to 0.7775 levels.