The Australian Dollar (AUD) rallied against the US Dollar (USD) on Thursday, increasing the price of AUDUSD to more than 0.7550 amid some key economic events. The technical bias shall remain bullish because of a higher high in the ongoing upside rally.

Technical Analysis

As of this writing the pair is being trade around 0.7552. A hurdle can be noted near 0.7566, the trendline resistance area ahead of 0.7600, the psychological number and then 0.7726, the swing high of the last major upside rally as demonstrated in the give below daily chart.

On the downside, a support can be noted around 0.7493, the intraday low of today ahead of 0.7468, the confluence of 50% fib level as well as horizontal support area and then 0.7387, the trendline support area followed by 0.7159, the swing low of the last major down side move.. The technical bias shall remain bearish as long as long as the 0.7159 support area is intact.

Yellen Speach

With the U.S. economy close to full employment and inflation headed toward the Federal Reserve’s 2 percent goal, it “makes sense” for the U.S. central bank to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday. The Fed raised short-term rates last month for only the second time since the 2007-2009 financial crisis, when it slashed rates to near zero and began buying massive amounts of Treasuries and mortgage-backed securities to push down long-term borrowing costs.

Trade Idea

Considering the overall technical and fundamental outlook selling the pair around current levels appears to be a good strategy in short to medium term.