The aussie dollar is taking advantage of the turn in the dollar since the US came to town and the drop to 117.40/50 in USD/JPY to push up through 0.7700 to a high of 0.7744.
The move up through the 0.7720/30 area I highlighted this morning needs to be sustained above this level or it’s likely we go back south once more.
AUD/USD H1 chart 03 02 2015
Ultimately 0.7700 should be the strongest possible support point following the move higher but it’s hard to see the kangaroo currency making any big sustained move higher with fears over further cuts from the RBA. Another big turn up in USD will heap further pressure on the pair.
