30 Jul 2015
AUD/USD revisits 6-year lows and bounces
FXStreet (Córdoba) - AUD/USD came under pressure and printed a marginally new 6-year lows as the greenback initially strengthened following US GDP data but found strong support and bounced.
AUD/USD bottomed out at 0.7254, barely below its Tuesday low, but buyers reappeared and sent the pair back to the 0.7290 zone. However, with the upside capped, the Aussie has been confined to a phase of consolidation. At time of writing, AUD/USD is trading at 0.7270, still 0.32% below its opening price.
US GDP rose 2.3% in the second quarter according to the preliminary estimate, below 2.6% expected by analysts. However, Q1 GDP was upwardly revised to +0.6% from -0.2% previously estimated.
AUD/USD technical levels
As for technical levels, immediate supports seen at 0.7254 (6-year low Jul 28), 0.7240 (May 1 2009 low) and 0.7200 (psychological level). On the other hand, resistances could be found at 0.7290/0.7300 (intraday resistance), 0.7322 (Jul 30 high) and 0.7350 (Jul 29 high).
AUD/USD bottomed out at 0.7254, barely below its Tuesday low, but buyers reappeared and sent the pair back to the 0.7290 zone. However, with the upside capped, the Aussie has been confined to a phase of consolidation. At time of writing, AUD/USD is trading at 0.7270, still 0.32% below its opening price.
US GDP rose 2.3% in the second quarter according to the preliminary estimate, below 2.6% expected by analysts. However, Q1 GDP was upwardly revised to +0.6% from -0.2% previously estimated.
AUD/USD technical levels
As for technical levels, immediate supports seen at 0.7254 (6-year low Jul 28), 0.7240 (May 1 2009 low) and 0.7200 (psychological level). On the other hand, resistances could be found at 0.7290/0.7300 (intraday resistance), 0.7322 (Jul 30 high) and 0.7350 (Jul 29 high).