20 Mar 2015
AUD/USD testing 0.7700
FXStreet (Mumbai) - AUD/USD climbed further in the European morning, extending its pull back from the previous session, as markets continue to cheer upbeat comments from RBA Stevens on the exchange rate.
AUD/USD rises from 0.7677
Currently, the AUD/USD extends to 0.7688, retreating from fresh session highs posted at 0.7695 some minutes ago. The AUD/USD pair firmly bid, extending gains from Asia as renewed AUD buying was witnessed ahead of Europe open while traders continue to digest RBA Governor Speech at the American Chamber of Commerce.
Stevens said in his speech that decline in the exchange rate was helping the economy rebalance, but refrained from saying that a lower rate was still desired. He also added that Australia does not have a budget crisis, and that he does not think the low level of interest rates is holding back the economy.
In the day, the US dollar is likely to remain the key driver influencing AUD/USD, while markets await speeches from Fed officials Lockhart and Evans later in the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7700 levels, above which gains could be extended to 0.7713 (20-DMA) levels. On the flip side, support is seen at 0.7654 (10-DMA) levels from here it to 0.7600 levels.
AUD/USD rises from 0.7677
Currently, the AUD/USD extends to 0.7688, retreating from fresh session highs posted at 0.7695 some minutes ago. The AUD/USD pair firmly bid, extending gains from Asia as renewed AUD buying was witnessed ahead of Europe open while traders continue to digest RBA Governor Speech at the American Chamber of Commerce.
Stevens said in his speech that decline in the exchange rate was helping the economy rebalance, but refrained from saying that a lower rate was still desired. He also added that Australia does not have a budget crisis, and that he does not think the low level of interest rates is holding back the economy.
In the day, the US dollar is likely to remain the key driver influencing AUD/USD, while markets await speeches from Fed officials Lockhart and Evans later in the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7700 levels, above which gains could be extended to 0.7713 (20-DMA) levels. On the flip side, support is seen at 0.7654 (10-DMA) levels from here it to 0.7600 levels.