AUD/USD hovers near 2-week highs

AUD/USD extended gains into a fifth consecutive day on Tuesday and hit fresh 2-week peaks, although it found strong resistance at the 0.7690 area during the European session and entered a consolidation phase nearby.

Despite the greenback recovered ground during the New York session, AUD/USD held near session highs, contained by the 0.7650 zone. At time of writing, the pair was trading at 0.7663, up 0.5% on the day.

During the Asian session, the Australian Government will release the Mid-Year Economic and Fiscal Outlook report, which updates the economic and fiscal outlook from the previous budget.

AUD/USD levels to watch

As for technical levels, next resistances  could be faced at 0.7690 (Oct 4 high), 0.7709 (Sep 29 high) and 0.7731 (Sep 8 high).  On the flip side, supports could be faced at 0.7618 (21-day SMA), 0.7580 (Oct 17 low) and 0.7545 (100-day SMA).

 

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