AUD/USD retains its bullish long-term stance, fresh yearly highs in sight

The AUD/USD pair advanced for a second consecutive week, recovering the 0.7700 threshold. According to FXStreet’s Chief Analyst Valeria Bednarik, another leg high is on the cards.

Key quotes

“The US starts the week with a holiday. On Wednesday, the country will publish January Retail Sales and the FOMC Minutes. On Friday, Markit will release the preliminary estimates of its February PMIs, with manufacturing and services output foreseen contracting but holding within expansion levels.”

“Australia will publish on Wednesday the January Westpac Leading Index and January employment figures on Thursday.  At the end of the week, the country will offer the preliminary estimates of the February Commonwealth Bank PMIs, and the preliminary estimates for January Retail Sales.”

“AUD/USD has spent the last three days consolidating holding above the 0.7700 level, the immediate support. Below there, 0.7650 is the next support level en route to 0.7563, the monthly low.” 

“Resistance stands at 0.7819, the yearly high. Beyond there, a rally to 0.7900 is on the cards.”