AUD/USD breaks above 0.7700, climbs to the highest since November

AUD/USD gained momentum and climbed to 0.7708, hitting the highest level in three months. The pair so far has been unable to consolidate above the 0.7695/0.7700 strong resistance but remains with bullish momentum. 

Currently, the pair trades at 0.7695/98, headed toward the strongest close in weeks but it is still unable to move significantly on top of 0.7700. 

A reversal of the US dollar across the board and a rally in equity and gold prices boosted AUD/USD to the upside. US Economic data released earlier pushed the greenback higher, but then, it reversed. Yellen’s second day of testimony before Congress, did not have the same effect as yesterday. 

While traders focus on current price action moves, in a few hours, during the Asians session, the Australian jobs report will be released. Market consensus points to a positive net change in employment of 10K and for the unemployment rate to stay unchanged at 5.8%. 

Technical levels

To the upside, resistance levels might be seen at 0.7730/35 (Oct high) and 0.7755/60 (August 11 high). On the flip side, support could be located at 0.7635 (daily low) followed by the strong 0.7600/10 zone.