11 Feb 2015
AUD/USD hovers near lows at 0.7770
FXStreet (Mumbai) - AUD/USD shaved-off previous gains and traded modestly flat near session lows, despite upbeat Aus economic releases, as falling oil and copper prices continues to hurt the resource-linked Aussie.
Trades below 10-DMA
Currently, the AUD/USD trades almost unchanged at 0.7774 levels, retracing from fresh session highs posted at 0.7794, just shy of 0.78 handle. The Aussie erased previous gains as traders now turn their attention towards Inflation expectations numbers due for release tomorrow which is expected to show easing price pressure in Oz economy. Moreover, sliding oil and copper prices continue to weigh on the commodity currency.
Earlier in the session, the Aussie climbed to fresh highs after a consumer survey revealed Australians at their happiest in a year this month. The Westpac-Melbourne Institute Consumer Sentiment gauge surged 8.0% in February to 100.7 points from 93.2 previously. This is the first time since February 2014 that the gauge had given a reading above 100.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7843 levels. On the flip side, support is seen at 0.7745 from here it to 0.7723 levels.
Trades below 10-DMA
Currently, the AUD/USD trades almost unchanged at 0.7774 levels, retracing from fresh session highs posted at 0.7794, just shy of 0.78 handle. The Aussie erased previous gains as traders now turn their attention towards Inflation expectations numbers due for release tomorrow which is expected to show easing price pressure in Oz economy. Moreover, sliding oil and copper prices continue to weigh on the commodity currency.
Earlier in the session, the Aussie climbed to fresh highs after a consumer survey revealed Australians at their happiest in a year this month. The Westpac-Melbourne Institute Consumer Sentiment gauge surged 8.0% in February to 100.7 points from 93.2 previously. This is the first time since February 2014 that the gauge had given a reading above 100.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7843 levels. On the flip side, support is seen at 0.7745 from here it to 0.7723 levels.