AUD/USD: technically bullish ahead of today's Chinese balance

Currently, AUD/USD is trading at 0.7638, up 0.02% on the day, having posted a daily high at 0.7642 and low at 0.7635.

Forex today: dovish Yellen testimony, bullish Q&A, dollar down

AUD/USD has stalled through 0.7684 in a bullish set up ahead of the Chinese trade balance later today. The Aussie garnered strength on a fall out in the greenback that started to stabilise in the last moments of the US session on a moderately upbeat assessment of the US economy through the Fed's Beige Book. 

This was following a dovish rhetoric from Yellen's testimony earlier in the shift where traders assumed that there will be no further rate hikes until there is a pick up in inflation prospects. Commodities and metals were bid and this also helped the Aussie to keep traction within the rally from the 0.76 the figure to the aftermentioned highs. 

AUD/USD levels

AUDUSD: Placed above 0.7715

Valeria Bednarik, chief analyst at FXStreet explained that the short-term picture is bullish, although the price is nearing a key resistance, as the pair has been pretty much unable to hold gains above the 0.7700 figure for long ever since July 2017. "In the 4 hours chart, however, further gains are supported, as technical indicators maintain their bullish slopes around overbought levels, whilst the 20 SMA turned clearly higher below the current level."