AUD/USD (current price: 0.7478)
The Australian Dollar continued higher against the USD after a bullish week. The pair got close to the 0.75 level after trading as low as 0.73 last week. The strong intraday rally in the price of oil propelled the currency higher, and the bullish move in precious metals also helped the Aussie. The currency is still slightly below the 200-day Moving Average that is found at 0.7525. Support is found near the 0.74 level with strong resistance right above the current rate at 0.75.
Our assessment: AUD/USD remains in a neutral long-term range, despite the strong rally in the USD. The Aussie could turn choppy before the OPEC meeting tomorrow.
