12 Aug 2015
AUD/USD recovery falters ahead of 0.7400
FXStreet (Córdoba) - The Australian dollar recovered most of its early losses triggered by People’s Bank of China moves to weaken the yuan, and bounced off fresh 6-year lows.
AUD/USD bottomed out at 0.7215 but managed to recoup almost 200 pips during the last hours, climbing to a daily peak of 0.7387 as greenback’s selloff intensified following the US opening. At time of writing, the pair is trading at 0.7356, recording a 0.77% gain on Wednesday.
AUD/USD technical view
“AUD/USD is losing upward strength in the short term, finding some selling interest on approaches to the 0.7400 figure, suggesting limited scope for a continued advance”, said Valeria Bednarik, chief analyst at FXStreet.
Bednarik locates next resistance levels at 0.7410 and 0.7450, while she places supports at 0.7330, 0.7295 and 0.7260.
AUD/USD bottomed out at 0.7215 but managed to recoup almost 200 pips during the last hours, climbing to a daily peak of 0.7387 as greenback’s selloff intensified following the US opening. At time of writing, the pair is trading at 0.7356, recording a 0.77% gain on Wednesday.
AUD/USD technical view
“AUD/USD is losing upward strength in the short term, finding some selling interest on approaches to the 0.7400 figure, suggesting limited scope for a continued advance”, said Valeria Bednarik, chief analyst at FXStreet.
Bednarik locates next resistance levels at 0.7410 and 0.7450, while she places supports at 0.7330, 0.7295 and 0.7260.