The AUD/USD pair recovered from six-year low of 0.7624 as the recovery in Crude prices eased concerns of falling inflation expectations in the advanced world.
USD weakens across the board
The US dollar has weakened against most of the major currencies except the Japanese Yen as the recovery in Crude prices led to a correction in most currencies battling deflationary pressures. Moreover, being a commodity currency, the Aussie could have been an outperfomer, however the surprise interest rate cut by the Reserve Bank of Australia earlier today has kept the currency under pressure.
AUD/USD Technical Levels
The pair currently trades at 0.7706 levels. The immediate resistance is located at 0.7718 (Jan 29th low), above which gains could be extended to 0.7764 levels. On the flip side, support is seen at 0.7683 and 0.7624 levels.
USD weakens across the board
The US dollar has weakened against most of the major currencies except the Japanese Yen as the recovery in Crude prices led to a correction in most currencies battling deflationary pressures. Moreover, being a commodity currency, the Aussie could have been an outperfomer, however the surprise interest rate cut by the Reserve Bank of Australia earlier today has kept the currency under pressure.
AUD/USD Technical Levels
The pair currently trades at 0.7706 levels. The immediate resistance is located at 0.7718 (Jan 29th low), above which gains could be extended to 0.7764 levels. On the flip side, support is seen at 0.7683 and 0.7624 levels.
