AUD/USD Retreats after Testing March Highs
AUD/USD
is falling on Wednesday, despite weak US economic data. The pair
printed a fresh daily low during the American session at 0.7635 and
currently it trades at 0.7650/53, down 0.45% for the day.
Falling from 0.77
During
the Asian session, AUD/USD rose to 0.7714 hitting the strongest level
since March 31 and tested 2016 highs but it was unable to break higher
and started to retreat. The Aussie was favored by risk appetite but then
lost strength as the US dollar recovered ground across the board.
The
Aussie is falling for the first time after rising during the previous
three trading days. Despite the retracement, it still trades near
0.7720/25, where 2016 highs area located. A break above 0.7725 would put
the AUD/USD at the highest since June.
AUD/USD technical levels
To
the upside, resistance levels might now be seen at 0.7670 (20-hour
moving average), 0.7690 (Apr 12 high), 0.7720 (March high) and 0.7850
(June 2016 high). On the opposite direction, support might be located at
0.7635 (daily low), 0.7580 (Apr 8 high / Apr 12 low) and 0.7525 (Apr 11
low).
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