AUD/USD rises above 0.7700 for the first time since early November

• AUD among the top performers. 
• Greenback mixed across the board, losses strength as US yields move off highs. 
• Price action limited ahead of holiday season. 

The AUD/USD pair continued to rise during the American session after breaking earlier a 3-day range and rose above 0.7700 for the first time since early November. It peaked at 0.7705 and it was holding near the top, consolidating important daily gains. 

On a quiet session ahead of the holiday season, the greenback was trading mixed, weak particularly against commodity currencies but holding to gains versus its European rivals and the yen. During the last hours, US bond yields moved of highs and weakened the US dollar. 

The aussie received support from the rally of the Canadian dollar and then probably on technicals. AUD/USD broke a key short-term resistance at 0.7685 and gained more strength. 

Technical outlook 

“The pair stands above the upper end of its latest consolidative range, somehow leaning the scale toward the upside, despite short-term technical readings lack directional momentum. In the 4 hours chart, the pair advanced well above its 20 SMA that started to turn higher, but technical indicators remain directionless, the Momentum around its mid-line, but the RSI holding near overbought territory”, said Valeria Bednarik, Chief Analyst at FXStreet.

According to her AUD/USD has an immediate resistance at 0.7730, the November high and she notes that a break above could open the doors for a continued advance toward the 0.7800 figure.