AUD/USD reaches 0.7650, first time in two months

AUD/USD  rose further during the American session and printed a fresh 2-month high at 0.7657. It was trading at 0.7639/42, up 105 pips for the day so far. The upside was supported by a weak US dollar. Greenback was affected by rising stocks. In Wall Street, the Dow Jones is up 0.75%, headed toward a record close.

A test of 0.7700?

If the Aussie manages to end the day around current levels it would post the highest close since early May and would add support to the bullish bias. Above 0.7660, the pair could rise to test the 0.7695 - 0.7700 area, that is the next relevant resistance.

To the downside, the key support to the bullish bias could be seen between 0.7430 (uptrend line from May lows) and 0.7460 (20-day moving average).

Data ahead

During the Asian  session, Chinese trade and Australian consumer confidence data will be released while in the US, the most relevent report on Wednesday will be the Fed’s Beige Book. The most important day regarding economic reports of the week in Australia will be Thursday with the employment report and Friday in the US with CPI and retail sales.