FXStreet (Córdoba) – AUD/USD picked up momentum and rose to fresh highs above 0.7000 as North America returns from the Labor Day Holiday to a positive mood.
The Australian dollar benefited from Chinese data, which also led to gains in equities and commodities, and pierced above the 0.70 mark to score its highest level in two days versus the greenback at 0.7007. At time of writing, the pair is trading at 0.7005, recording a 1.18% gain on Tuesday.
AUD/USD technical view
“The 1 hour chart shows that the technical indicators are steady near overbought levels, whilst the technical indicators head higher below the current level”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price has advanced beyond its 20 SMA, although the technical indicators have turned flat around their mid-lines, losing their upward strength. Should US stocks extend their advance, the pair may extend its recovery, with the next short term resistance at 0.7040, a strong static level”.
(Market News Provided by FXstreet)