AUD/USD moves up to 0.7678, its highest level since 24 March
The dollar is keeping on the retreat ahead of European morning trade, with the antipodeans leading gains despite Treasury yields nudging a little higher currently.
AUD/USD has moved up to a high of 0.7678 – its highest level since 24 March – but price is generally testing the 7 April high @ 0.7677 for the time being.
Of note, we are seeing buyers push past the resistance trendline @ 0.7650 as well as the 100-day moving average @ 0.7655. So, those are two key levels to keep above on the daily in order to try and establish some fresh conviction to push higher.
Keeping above the 7 April high @ 0.7677 will be a major win of course but there are headwinds seen closer to 0.7690-00 next if that gives way this week.
For now, the dollar weakness is leading the narrative in the major currencies space after having seen 10-year Treasury yields retreat from a high of 1.70% to 1.61% yesterday.
However, there is a soft bottom close to 1.60% so that might yet keep things in-check – at least for the bond market. As for the dollar, it is showing some vulnerabilities across multiple charts and that is one sign that is hard to ignore.