AUD/USD rebounds and rises to test daily highs

By FXStreet AUD/USD rose more than 50 pips from the lows, erasing daily losses and is now testing daily highs ahead of Janet Yellen’s speech.

During the European session, the pair moved with a downside bias and before Wall Street opening bell it bottomed at 0.7508. After finding support above 0.7500 it rose back toward 0.7570, where daily highs area located.

Currently, it trades at 0.7555/60, up 0.21% for the day; rising for the second day in a row as it continues to recover from the 20-day moving average. Despite rising again the US dollar, the aussie is falling versus other commodity currencies, particularly the kiwi: AUD/NZD was trading at the lowest in almost three weeks.

AUD/USD: Key support at 0.7500

The aussie appears to be recovering strength after the bearish correction from 0.7679 (Mar 18 high). It traded below 0.7500 last week but it was rejected and today when it approached, it gained upside momentum. As long as it holds above 0.7500, the pair would have support for further gains or to continue to consolidate.

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Source:: FX Street