FxWirePro: AUD/USD rallies above 0.7600 but reversal is likely
AUD/USD initially rose in the US session on Tuesday but gave up some ground as dollar clawed back from earlier losses as investors chose to look beyond U.S. President Donald Trump's setback on healthcare reform and await…
AUD/USD initially rose in the US session on Tuesday but gave up some ground as dollar clawed back from earlier losses as investors chose to look beyond U.S. President Donald Trump's setback on healthcare reform and awaited comments from Fed Chair Janet Yellen.
The greenback also got a boost from a stronger-than-expected reading on U.S. consumer confidence, which rose to its highest level since 2000.
Investors were awaiting Fed Chair Janet Yellen's speech at a conference in Washington, where she could provide some insight into the timing of the central bank's next interest rate hike.
Further upside in this pair is expected to be limited as the pair finds strong resistance at 0.7690 which should limit upside and bring a decline towards lower levels.
To the upside, immediate resistance can be seen at 0.7658, a break above this level would take the pair towards next resistance level at 0.7690.
To the downside immediate support can be seen at .7628, a break below this level will open the door towards next level at 0.7589.
