fundamental News - AUD/USD

AUD/USD catches a fresh bid wave, reaching fresh 11-day highs near 0.7680, as the bulls continue their attempts towards 0.7700.

The latest leg higher in the major is mainly driven by the recovery in the risk sentiment, as the Asian stocks hover near record highs, tracking the uptick in the S&P 500 futures. The improved appetite for the riskier assets fuels renewed weakness in the safe-haven US dollar.

 The US dollar tumbled with the Treasury yields on Tuesday after markets re-priced the Fed tightening bets that firmed up following Friday’s NFP blowout.

Next of relevance for the major remains the FOMC minutes while the RBA’s on-hold monetary policy decision announced on Tuesday had little to impact on the AUD markets.

Technical analysis
From a near-term technical perspective, the critical short-term daily 20-SMA at 0.7680 offers immediate resistance, as the bulls continue aiming for the 0.7700 mark.



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