AUD/USD: Yellen was the focus and the greenback remains king

Currently, AUD/USD is trading at 0.7415, down -0.03% on the day, having posted a daily high at 0.7424 and low at 0.7401.

Market wrap: USD higher on Yellen - Westpac

The market just keeps buying the greenback and today was about Yellen who repeated that it could be appropriate to hike rates soon. The market has therefore rushed to the idea that this means December which is pushing AUD/USD lower. "We target the 0.7300 area next (24 June low)," explained analysts at Westpac, adding, "The US dollar has had an impressive rise since the US election and has potential to rise further, not least because the Fed will probably hike in December.  Against that, coal and iron ore are more likely to sustain their dramatic rises during the months ahead. We target 0.74 or lower."

AUD/USD levels

Spot is presently trading at 0.7415, and next resistance can be seen at 0.7418 (Daily Open), 0.7418 (Monthly Low), 0.7418 (Weekly Low), 0.7424 (Daily High) and 0.7429 (Daily Classic S1). Support below can be found at 0.7401 (Daily Low), 0.7397 (Yesterday's Low), 0.7388 (Daily Classic S2), 0.7362 (Weekly Classic S2) and 0.7316 (Daily Classic S3).