AUD/USD hits fresh 1-week highs

FXStreet (Córdoba) - AUD/USD gained momentum and managed to break above 0.8725 rising to 0.8744, reaching a fresh one-week high. The pair holds near the highs, with a bullish tone after being able to break an intraday resistance and amid a decline of the US dollar across the board.

AUD/USD testing daily 20-SMA

The pair is trading around 0.8740, where the 20-day Simple Moving Average currently stands. The aussie could close above it for the first time since the beginning of the month.

From Friday’s low AUD/USD has risen more than 200 pips, making an important recovery and trimmed monthly losses. Last week bottomed at 0.8539, the lowest price since July 2010.