AUD/USD maintains bullish momentum above 0.77

• AUD/USD bullish while above 0.77
• AUD supported by Oil and Gold rallies
• Vacant calendar, holiday mode to keep volumes low

AUD/USD has continued to trade into higher levels above the psychological 0.77 area, with the withdraw of liquidity being the main driver behind the slow upward trajectory. 

Gold, Oil rises underpin the Aussie

As Valeria Bednarik, Chief Analyst at FXStreet, notes: "The AUD/USD pair advanced some 10 pips from Friday's close, enough to reach a fresh 2-month high of 0.7727, closing the day barely below the level. The Aussie found support in rising equities, as gold and oil outperformed other assets in thin trading. Australian market will open back after a long holiday, but the macroeconomic calendar will remain empty this Wednesday."

AUD/USD technicals

Technically, Bednarik adds: "The pair held above the 50% retracement of its October/December slide, making of the 0.7695 level a strong static support ahead. The immediate resistance, on the other hand, is the 61.8% retracement of the same decline at 0.7745. In the 4 hours chart, a bullish 20 SMA converges with the mentioned Fibonacci support, reinforcing it, while the RSI turned modestly higher, now at 66, both supporting additional gains ahead, despite the absence of bullish momentum, a result of the limited volume seen over the last few sessions."