AUD/USD jumps to test 0.7600 as US dollar tumbles

A decline of the US dollar boosted the AUD/USD pair, that traded momentary above 0.7600, at the highest level in a week. 

The pair rose from 0.7560 and peaked at 0.7604. It was trading at 0.7590, still holding a bullish tone, up 40 pips for the day so far. The Aussie so far, was unable to extend the rally above 0.7600. 

USD tumbles 

The US dollar is falling sharply across the board. The Dollar Index (DXY) tumbled to 99.36, the lowest since November 14. Donald Trump, accused other countries on living “on devaluation”. He accused China and Japan of playing “the money market”. His statement fueled the decline of the US dollar. 

Today, the 2-day FOMC meeting started. The decision will be announced tomorrow. 

US Dollar plummets to fresh lows around 99.50

AUD/USD levels to watch 

To the upside, the area around 0.7600 remains a key barrier: a consolidation significantly above could clear the way to more gains; on top, resistance could be seen at 0.7640 followed by 0.7690 (Oct 4 & Nov 1 high). 

On the opposite direction, support might be seen at 0.7570 (Asian session high), followed by 0.7540/45 (daily low / short-term uptrend line) and 0.7510 (Jan 27 low).