AUD/USD takes-out 0.7700, strongest in 3-weeks post-OPEC deal
The OPEC deal-led risk-on market profile extends into Asia, sending commodity-currencies such as the AUD higher across the board.
AUD/USD tracks risk trends
Currently, the AUD/USD pair rises +0.14% to 0.7704, having posted fresh three-week tops at 0.7711 some minutes ago, where the daily R1 intersects. The Aussie extends its bullish run into a fourth-day today, with the bulls now bolstered by a renewed risk-on wave after the OPEC clinched a first output cut deal in eight years and restored investors’ confidence back into markets, pushing higher-yielding currencies such as AUD northwards.
However, further gains remain capped in the AUD/USD as markets remain wary whether the OPEC would stand firm on its decision until Nov 30th meeting, although some peddling back wouldn’t come as a surprise.
Looking ahead, focus continues to remain on the Fed speaks ahead of the much-awaited US final GDP figures due later on Thursday.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7711 (3-week high/ daily R1) above which gains could be extended to the next hurdle located at 0.7736 (Sept 8 high) and 0.7750 (psychological levels). On the flip side, the immediate support located at 0.7661 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7605 (50-DMA)0.7583 (20-DMA) and below that 0.7585 (20-DMA).