The Aussie dollar is no longer testing 77 cents -- it's gone right through it

Photo by Adam Pretty/Getty Images

After getting a lift from OPEC’s decision to cut output overnight, the Australian dollar has continued that bullish form on Thursday, jumping back above the US 77 cent level for the first time since September 8 in Asian trade.

The AUD/USD has now rallied 3.5% from the lows of September 13, extending the gain from this year’s low of .6824 on January 15 to nearly 13%.

The Aussie is now in a zone that it has struggled to overcome in recent months, trying and failing on five separate occasions to hold above 77 cents.

A clear break above the .7756 high of August 10 may encourage technical traders to add to bullish bets, targeting a move back to the high of .7835 struck on August 21.

Here’s the AUD/USD daily chart:

AUDUSD Daily Chart

And here’s how broader markets are trading halfway through Thursday’s Asian session.

Stocks

  • ASX 200 5456.40 , 44.05 , 0.81%
  • Nikkei 225 16689.71 , 224.31 , 1.36%
  • Shanghai Composite 2995.65 , 7.79 , 0.26%
  • Hang Seng 23828.60 , 208.95 , 0.88%
  • KOSPI 2069.35 , 16.29 , 0.79%
  • Straits Times 2871.25 , 13.24 , 0.46%
  • S&P 500 Futures 2166.00 , 2.75 , 0.13%

Forex

  • USD/JPY 101.35 , 0.70 , 0.70%
  • USD/CNY 6.6819 , -0.0008 , -0.01%
  • AUD/USD 0.7704 , 0.0014 , 0.18%
  • NZD/USD 0.7292 , 0.0009 , 0.12%
  • AUD/JPY 78.08 , 0.68 , 0.88%
  • EUR/USD 1.1228 , 0.0014 , 0.12%
  • GBP/USD 1.3030 , 0.0013 , 0.10%
  • USD INDEX 95.416 , -0.0150 , -0.02%

Commodities

  • Gold $1,324.51 , $3.28 , 0.25%
  • Silver $19.23 , $0.05 , 0.28%
  • WTI Futures $47.30 , $0.25 , 0.53%
  • Copper Futures ¥37,830 , ¥390 1.04%
  • Iron Ore Futures ¥412.00 , ¥12.50 , 3.13%

10-Year Bond Yields

  • Australia 2.033%
  • New Zealand 2.340%
  • Japan -0.086%
  • Germany -0.133%
  • UK 0.680%
  • US 1.589%

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