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AUD/USD: Bulls back in control, tests Thursday’s high

FXStreet (Mumbai) - The AUD bulls jumped back into the game and fought back control, now pushing the AUD/USD pair towards fresh two-week highs above 0.72 handle.

AUD/USD finds good support at 1h 20-SMA

Currently, the AUD/USD pair trades 0.21% at fresh session highs of 0.7210, testing two-week highs reached at 0.7215 on Thursday. Fresh bids emerged at the hourly 20-SMA located at 0.7184, and subsequently the Aussie jumped higher beyond 0.72 handle.

AUD/USD was hit by renewed bid wave largely as the US dollar wiped out early gains and appears to slip back into the corrective mode seen on Thursday against its major peers.

The extensive rally in the Aussie yesterday was mainly triggered by the FOMC minutes, which failed to provide fresh hints on the Dec Fed rate hike options. Thus, leading to a technical correction in the greenback across the board.

Markets now await Fed member Dudley’s speech for further cues on the Fed interest rate outlook and the resulting USD moves.

AUD/USD Levels to watch

The pair has an immediate resistance at 0.7215 (Nov 19 High), above which gains could be extended to 0.7238 (daily R1) levels. On the flip side, support is seen at 0.7182/78 (1h 20-SMA/ 100-DMA) from here it to 0.7150 (50-DMA).

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