AUD / USD in positive territory after hitting two-year highs

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  • The Australian dollar hits the highest since August 2018 against the US currency.
  • AUD / USD affirms above 0.7400, maintaining the bullish tone.

The AUD / USD is rising on Thursday and returned to positive territory for the day after the pullback from two-year highs found support at 0.7408 (20-hour moving average). It is trading at 0.7425, and is looking back at the European session breakout peak of 0.7435.

The advance is being driven by the weakness of the dollar throughout the market. The DXY is trading below 91.00 for the first time since April 2018. Not even the rise in Treasury yields has slowed the decline in the greenback.

Cautious optimism remains on the stock market over the advance of the vaccine, although overshadowed by new restrictions in Europe and the record number of coronavirus cases in the US.

The economic calendar shows ahead of the report of requests for unemployment benefits in the US and the final reading of the IHS Markit of services and the ISM indicator of the services sector.

From a technical point of view, AUD / USD remains clearly bullish, with the momentum intact. A drop below 0.7400 would weaken the momentum of the pair and could favor a correction. Strong support is seen at 0.7335, where the weekly lows are.

Technical levels

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