Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, as sentiment on the greenback remained vulnerable amid uncertainty over the timing of a U.S. rate hike.
AUD/USD hit 0.7834 during late Asian trade, the pair's highest since March 18; the pair subsequently consolidated at 0.7792, rising 0.22%.
The pair was likely to find support at 0.7638, the low of March 20 and resistance at 0.7912, the high of February 26.
The greenback remained under pressure amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections last week.
However, despite the past week’s reversal the U.S. dollar was likely to continue to strengthen, with the Fed still expected to raise interest rates ahead of other central banks.
The Aussie was higher against the euro, with EUR/AUD declining 0.36% to 1.3868.
Later in the day, the U.S. was to release a report on existing home sales.