AUD/USD has recently bounced off the support area of 0.7750-0.7830 and on the way to create more higher highs and higher lows in the coming days. USD has been quite mixed with the economic reports which lead to further gain on AUD having positive employment reports recently. This week AUD did not have any high impact economic reports but still managed to sustain the gain over USD. On the other hand, USD had been quite neutral in nature with economic reports recently. Today USD Core Durable Goods Orders report is going to be published which is expected to increase to 0.4% from the previous value of 0.1%, Durable Goods Orders are expected to be negative to -6.0% which previously was positive at 6.4% and FED Chair Yellen is going to speak about key interest rates and monetary policy decisions whereas the hawkish nature is quite expected today. Though USD has mixed economic expectations from the reports today whereas any positive result in the reports may lead to further gain on the USD side in the future. On the other hand, if USD reports come worse than expected than the AUD is expected to sustain its gain and show some impulsive bullish move in the pair.
Now let us look at the technical view, price is currently residing above the dynamic level of 20 EMA and the support area of 0.7750-0.7830. The bullish structure indicates the further bullish move is expected in this pair with a recent target towards 0.8050 resistance level. As the price remains above the support area of 0.7750-0.7830 the bullish bias is expected to continue further.
