AUD/USD Continues to Pull Back from 2-Week Highs

AUD/USD Continues to Pull Back from 2-Week Highs

1 June 2016, 15:49
Roberto Jacobs
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AUD/USD Continues to Pull Back from 2-Week Highs

AUD/USD came under pressure over the last hours and pulled back from fresh 2-week highs as sentiment continues to deteriorate in financial markets, putting risky assets on the defensive.

AUD/USD peaked at 0.7298 during the Asian session on the back of better-than-expected Australian GDP data, but then surrendered to the risk-off mood and gave up most of its intraday gains. AUD/USD has fallen to the 0.7235 zone, and it was last trading around 0.7240, still a few pips above its opening price as attention turns to US data releases.

The Institute for Supply Management (ISM) will release its preliminary gauge of manufacturing activity in the US, with consensus for May PMI at 50.4, below the 50.8 of April.

AUD/USD technical levels

As for technical levels, next supports are seen at 0.7180 (May 31 low), 0.7148/44  (May 30 & 24 lows) and 0.7108 (Mar 1 low) ahead of 0.7068 (Feb 19 low). On the flip side, resistances could be found at 0.7252 (200-day SMA), 0.7266 (May 31 high), 0.7280 (21-day SMA) and then 0.7349 (100-day SMA).


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