AUD/USD reaches 3-week highs

By FXStreet FXStreet (Córdoba) – The Australian dollar continued to advance versus the greenback, breaking above last week’s highs to reach it strongest level in almost three weeks.

Following a consolidation phase, AUD/USD managed to broke above the 0.7050 zone and stretched to a fresh high of 0.7064, which is the 50.0% retracement of its 2016 slide between 0.7300 and 0.6826.

During the Asian session, data showed Australian Q4 CPI rose slightly above estimations (0.4% vs 0.3% MoM and 1.7% vs 1.6% exp YoY). Now markets’ attention turns to the FOMC statement on monetary policy.

AUD/USD technical levels

In terms of technical levels, if AUD/USD breaks above 0.7064 (50.0% Fibo retracement), next resistances are seen at 0.7085 (Jan 7 high) and 0.7119 (61.8% retracement of the 2016 fall). On the other hand, supports could be found at 0.6955 (10-day SMA), 0.6918 (Jan 26 low), 0.6875 (Jan 21 low) and 0.6826 (7-year low, Jan 15).

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Source:: FX Street