FXStreet (Córdoba) – The Australian dollar managed to recover ground on Tuesday and rose above the 0.7700 level versus the greenback following the decision of the RBA to leave interest rate unchanged after cutting to a record low of 2.0% last month.
AUD/USD climbed more than 100 pips from 7-week lows sub-0.76 and reached a 5-day high of 0.7708 before finding resistance and entering a consolidation phase. At time of writing, AUD/USD is trading at 0.7685, recording a 1.05% gain on the day, following 7 straight days of losses.
Later in the day, US data includes a gauge of economic optimism and factory orders, while next Asian session Australia will release Q1 GDP numbers.
AUD/USD levels to watch
In terms of technical levels, a break above 0.7708 (daily high) would pave the way toward 0.7760 (May 28 high) and then 0.7810 (100-day SMA). On the other hand, supports are seen at 0.7598 (Jun 1 low), 0.7570 (Apr 15 low) and 0.7552 (Apr 13 low).
(Market News Provided by FXstreet)