31 Jul 2015
AUD/USD back in the red near 0.7290 on poor Aus PPI
FXStreet (Mumbai) - The AUD/USD pair fell back in the red below 0.73 handle during the Asian session, as decline Australia’s factory gate prices and private sector credit added to the bearish sentiment surrounding the Aussie. While weakness seen in the NZD also dragged its OZ neighbour along.
AUD/USD drops from 0.7305 highs
Currently, the AUD/USD pair trades almost unchanged at 0.7293, erasing minor gains seen in early moves. The Aussie stalled its weak recovery and turned in to the negative zone pressured by downbeat the latest Australian macro data releases.
Australia Producer Price Index (QoQ) declined to 0.3% from previous 0.5% while the country’s private sector credit (YoY) fell from previous 6.2% to 5.9% in June
The Aussie reached fresh cycle lows at 0.7252 levels on Thursday after US dollar rallied to fresh weekly highs against its major peers on upbeat US Q1 GDP data.
Investors cheered the first estimate of US GDP for the second quarter as the fresh release strongly rebounded to 2.3% q/q, leaping from the upwardly revised 0.6% booked previously. Markets had anticipated a marginally better reading of 2.5%.
Meanwhile, traders now await a series of US economic releases due later in the New York session for further momentum.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7324 (July 30 High) levels, above which gains could be extended to 0.7363 (July 24 High). On the flip side, support is seen at 0.7280 levels from here it to 0.7252 (July 30 Low) levels.
AUD/USD drops from 0.7305 highs
Currently, the AUD/USD pair trades almost unchanged at 0.7293, erasing minor gains seen in early moves. The Aussie stalled its weak recovery and turned in to the negative zone pressured by downbeat the latest Australian macro data releases.
Australia Producer Price Index (QoQ) declined to 0.3% from previous 0.5% while the country’s private sector credit (YoY) fell from previous 6.2% to 5.9% in June
The Aussie reached fresh cycle lows at 0.7252 levels on Thursday after US dollar rallied to fresh weekly highs against its major peers on upbeat US Q1 GDP data.
Investors cheered the first estimate of US GDP for the second quarter as the fresh release strongly rebounded to 2.3% q/q, leaping from the upwardly revised 0.6% booked previously. Markets had anticipated a marginally better reading of 2.5%.
Meanwhile, traders now await a series of US economic releases due later in the New York session for further momentum.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7324 (July 30 High) levels, above which gains could be extended to 0.7363 (July 24 High). On the flip side, support is seen at 0.7280 levels from here it to 0.7252 (July 30 Low) levels.