25 May 2015
AUD/USD consolidates above 0.7800
FXStreet (Córdoba) - As most crosses in the FX market, AUD/USD has spent most of the day within a narrow range, unable to pick up momentum either side of the board amid thinned-holiday trading.
The greenback gained ground on the back of Friday's strong US inflation data and comments from Fed Chair Yellen, as she stated the Fed is on track to hike rates sometime this year.
AUD/USD bottomed out at 0.7803 but managed to recover somewhat and settled in a range capped by 0.7839 (100-day SMA) for most of Monday’s trading. At time of writing, the pair is trading at 0.7825, virtually unchanged on the day.
Activity is expected to pick up tomorrow, with a series of US data scheduled, including durable goods orders, consumer confidence and new home sales.
AUD/USD levels to watch
In terms of technical levels, immediate supports are seen at 0.7803/00 (daily low/psychological level), 0.7787 (May 5 low) and 0.7710 (Apr 23 low). On the flip side, resistances are seen at 0.7839 (100-day SMA/daily high), 0.7900 (psychological level) and 0.7930 (May 22 high/21-day SMA).
The greenback gained ground on the back of Friday's strong US inflation data and comments from Fed Chair Yellen, as she stated the Fed is on track to hike rates sometime this year.
AUD/USD bottomed out at 0.7803 but managed to recover somewhat and settled in a range capped by 0.7839 (100-day SMA) for most of Monday’s trading. At time of writing, the pair is trading at 0.7825, virtually unchanged on the day.
Activity is expected to pick up tomorrow, with a series of US data scheduled, including durable goods orders, consumer confidence and new home sales.
AUD/USD levels to watch
In terms of technical levels, immediate supports are seen at 0.7803/00 (daily low/psychological level), 0.7787 (May 5 low) and 0.7710 (Apr 23 low). On the flip side, resistances are seen at 0.7839 (100-day SMA/daily high), 0.7900 (psychological level) and 0.7930 (May 22 high/21-day SMA).