21 Jul 2015
AUD/USD rebounds, eyes 0.7400 ahead of RBA Stevens
FXStreet (Mumbai) - The Australian dollar recovered from RBA minutes-backed losses versus the US dollar in the mid-European session, now pushing AUD/USD towards 0.7400 levels, largely as the traders await fresh incentives from Wednesday’s Aus CPI and RBA Stevens speech for further direction on the pair.
AUD/USD rises from 0.7350
Currently, the AUD/USD pair trades modestly flat at 0.7375, extending its recovery from fresh six year lows reached at 0.7326 on Monday. The Aussie wiped out losses and edged slightly higher this session mainly driven US dollar retreat against its six major rivals amid another light data calendar ahead today.
Analysts at ANZ noted, "The AUD was relatively resilient overnight despite a stronger USD as iron ore prices held up and cross flows remained supportive."
Meanwhile markets digest RBA minutes released early in Asia along with overnight comments delivered by Fed’s Bullard ahead of Australia’s CPI print and RBA Governor Stevens speech due tomorrow.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7400 levels, above which gains could be extended to 0.7489 (July 15 High) levels. On the flip side, support is seen at 0.7341 (Today’s Low) levels from here it to 0.7326 (July 20 Low) levels.
AUD/USD rises from 0.7350
Currently, the AUD/USD pair trades modestly flat at 0.7375, extending its recovery from fresh six year lows reached at 0.7326 on Monday. The Aussie wiped out losses and edged slightly higher this session mainly driven US dollar retreat against its six major rivals amid another light data calendar ahead today.
Analysts at ANZ noted, "The AUD was relatively resilient overnight despite a stronger USD as iron ore prices held up and cross flows remained supportive."
Meanwhile markets digest RBA minutes released early in Asia along with overnight comments delivered by Fed’s Bullard ahead of Australia’s CPI print and RBA Governor Stevens speech due tomorrow.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7400 levels, above which gains could be extended to 0.7489 (July 15 High) levels. On the flip side, support is seen at 0.7341 (Today’s Low) levels from here it to 0.7326 (July 20 Low) levels.