AUD/USD Trims Gains, Returns to 0.7550
The Aussie dollar has faded its initial spike to session highs near 0.7570 vs. the greenback, with AUD/USD now re-testing the 0.7550/45 band.
AUD/USD lower on USD-buying
The
US dollar continues its recovery on Wednesday, prompting the pair to
give away initial gains. Positive Chinese results from the Caixin PMI
lent support to AUD in early trade, although the upbeat sentiment lost
momentum afterwards.
Nothing relevant expected data wise in Oz
until next week’s jobs data, whereas the FOMC minutes will take centre
stage in the NA session later today.
AUD/USD levels to watch
At
the moment the pair is gaining 0.08% at 0.7550 and a break above 0.7725
(2016 high Mar.31) would expose 0.7739 (monthly high Jul.1 2015) and
finally 0.7851 (monthly high Jun.18 2015). On the other hand, the
immediate support aligns at 0.7511 (23.6% Fibo of 0.6824-0.7723) ahead
of 0.7475 (low Mar.24) and then 0.7312 (55-day sma).
(Market News Provided by FXstreet)
