AUD/USD Hovers Near 7-Week Lows

AUD/USD Hovers Near 7-Week Lows

4 May 2016, 17:28
Roberto Jacobs

AUD/USD Hovers Near 7-Week Lows

AUD/USD has recovered from a fresh 7-week low and is back at square one at the beginning of the New York session.

AUD/USD bottomed out at 0.7459 but managed to recover slightly as the greenback weakened across the board, and it was last trading around 0.748, virtually unchanged on the day.

The Aussie has been under heavy pressure over the last sessions after the RBA decided to cut rates by 25 bps on Tuesday, an unexpected move.

AUD/USD levels to watch

As for technical levels, next supports are seen at 0.7459 (May 4 low), 0.7414 (Mar 16 low) and 0.7390 (Mar 7 low). On the other hand, resistances could be found at 0.7554 (50-day SMA), 0.7655 (20-day SMA) and 0.7719 (May 3 high).


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