AUD/USD intermareket: headed for another test of 0.7709 previous failures?

Currently, AUD/USD is trading at 0.7676, up 0.51% on the day, having posted a daily high at 0.7687 and low at 0.7635.

AUD/USD had been on on the bid for the best part of the London afternoon and only capped when US early bird traders took advantage of the highs, squeezing the longs to 0.7658 before buying up to current spot. The dollar has been under pressure in early US trade and lost its footing close the 96 handle, down to the 90.70's currently. Can the Aussie keep up the pace?

Fed's Yellen speech: Wage growth seems somewhat low given Fed 2% inflation objective

All eyes have been on Yellen with investors looking for further insights from the Fed's Chairwoman, disappointed by the lack of clarity from the Fed’s last Open Market Committee statement. There is still some concern in regards to the lack of inflationary pressures and it seems that the Fed is on hold until they are satisfied that inflation is on target.  In respect to the balance sheet, again, a lack of clarity but the Fed's aims are at avoiding a market disruption. Traders now look ahead to the Fed's Beige Book and the Chinse trade balance in the Asian shift, but the dollar remains offered and metals bid. The risk profile is bullish as the day progresses, buoying the Aussie for a potential bullish scenario. 

AUD/USD levels

AUD/USD remains under pressure following its recent failure at the top of the triangle at 0.7708. "We look for a slide back towards the 200-day ma at 0.7529. Failure here (favoured) would signal a slide to the bottom of the range at 0.7356. Intraday rallies should start to struggle 0.7680/.7710," explained analysts at Commerzbank.