AUD / USD rises to weekly highs above 0.7700

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  • AUD / USD rises on risk appetite, back to 0.7700.
  • Stocks are up on Wall Street, commodities are up, and DXY is failing to sustain gains.

The AUD/USD It broke above 0.7680 / 85 and jumped to 0.7714, reaching the highest level since February 27. At time of writing, it is moving around 0.7700, maintaining daily gains and above the 20-day moving average.

The Aussie is among the top performers on Monday supported by risk appetite. Investors remain optimistic about the economic recovery, the vaccine, and are looking for a major US fiscal stimulus.

On Wall Street, the Dow Jones was up 0.42% and the Nasdaq was up 0.49%. Gold is up 1.35% and crude oil 1.80%; the WTI barrel trading at the highest level in a year at $ 57.90.

The US dollar failed to sustain gains. The DXY peaked during the US session at 91.23 and then turned lower, bottoming out at 90.89, a six-day low. The reversal in US bond yields contributed to the USD rebound. The 10-year yield is at 1.15% after hitting 1.20% earlier, the highest level since March.

Levels to watch

From a technical perspective, the AUD / USD rose again above the 20-day moving average, supporting more gains in the near term. The next strong barrier can be seen at 0.7735 / 40, a downtrend that, if broken, could lead to a test of 0.7800. On the other hand, a pullback below 0.7655 / 60 would weaken the outlook for the Australian dollar. The next support is at 0.7625, followed by 0.7600.

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