AUD/USD (current price: 0.7632)
The Australian Dollar started the day in a bullish fashion, but the initial advance quickly turned into losses, as the early rally in crude oil faded and the dovish speech by Mr. Kuroda also weighed on the currency. Global stocks bounced lower as well, and the slightly negative sentiment pushed the Aussie lower as well. The 0.77 level acted as resistance once again, although the AUD is still one of the strongest currencies among the majors, despite the late day decline.
Our assessment: AUD/USD is trading just below its multi-month highs, and a renewed rally in stocks or oil might push the pair towards the 0.80 level in coming weeks.
