31 Jul 2015
AUD/USD retakes 0.7300
FXStreet (Mumbai) - The AUD/USD pair extends its choppy trend in the mid-Asian session, swinging between gains and losses, largely as the Australian dollar is seen tracking US dollar moves while reversing dismal Australia’s PPI data backed losses.
AUD/USD rises from 0.7285 lows
Currently, the AUD/USD pair trades marginally higher at 0.7299, recovering from 0.7285 session lows reached after PPI data release. The AUD bulls try to regain lost ground although amid broad based US dollar retreat. However, gains remains capped following the latest sluggish PPI and private sector data from Australia.
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.
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 rises from 0.7285 lows
Currently, the AUD/USD pair trades marginally higher at 0.7299, recovering from 0.7285 session lows reached after PPI data release. The AUD bulls try to regain lost ground although amid broad based US dollar retreat. However, gains remains capped following the latest sluggish PPI and private sector data from Australia.
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.
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.