FxWirePro: AUD/USD gains some upside momentum but still bearish
The pair initially declined in the early US session but rebounded back strongly after Federal Reserve expressed caution about the need to raise U.S. interest rates. Fed Governor Lael Brainard said on Monday she wanted to…
The pair initially declined in the early US session but rebounded back strongly after Federal Reserve expressed caution about the need to raise U.S. interest rates.
Fed Governor Lael Brainard said on Monday she wanted to see a stronger trend in U.S. consumer spending and evidence of rising inflation before the Fed raises rates.
Currently, the currency pair is trading around 0.7561levels, a short rise towards 0.7585 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
Strong support can be seen at 0.7476, a break below this level will expose the pair towards next support level located at .7418.
Major resistance can be seen at 0.7650, a break above this level will open the gates towards 0.7730 levels.
