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20 Aug 2015
AUD/USD trims losses, rises back above 0.7300
FXStreet (Córdoba) - AUD/USD bottomed during the European session at 0.7284, reaching the lowest level since August 12, affected by another decline in Chinese stocks. Then it rebounded as the US dollar retreated across the board.
The pair managed to rise back above 0.7300 and recently peaked at 0.7350, the strongest level since Asian hours. The recent rally brought the price back to the level it had at the beginning of the day and again on top of the price it had before the release of FOMC minutes.
Today economic data from the US showed a mix picture and had little impact on greenback. The latest report showed that existing home sales rose 2% in July, to the highest since February 2007, while the Philly Fed rose to 8.3, above the 7 expected. Earlier, the initial jobless claims rose for the fourth week in a row and came in at 277K, above the 272K expected.
AUD/USD technical levels
The pair is showing a strong bullish momentum as greenback plummets in the market. To the upside, above 0.7350 resistance levels could lie at 0.7375 (daily high), 0.7400 and 0.7425. On the opposite direction, support might now be located at 0.7310, 0.7285 (daily low) and 0.7260.
The pair managed to rise back above 0.7300 and recently peaked at 0.7350, the strongest level since Asian hours. The recent rally brought the price back to the level it had at the beginning of the day and again on top of the price it had before the release of FOMC minutes.
Today economic data from the US showed a mix picture and had little impact on greenback. The latest report showed that existing home sales rose 2% in July, to the highest since February 2007, while the Philly Fed rose to 8.3, above the 7 expected. Earlier, the initial jobless claims rose for the fourth week in a row and came in at 277K, above the 272K expected.
AUD/USD technical levels
The pair is showing a strong bullish momentum as greenback plummets in the market. To the upside, above 0.7350 resistance levels could lie at 0.7375 (daily high), 0.7400 and 0.7425. On the opposite direction, support might now be located at 0.7310, 0.7285 (daily low) and 0.7260.