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14 Aug 2015
AUD/USD fades a spike to 0.7385, back at 0.7365
FXStreet (Mumbai) - The AUD/USD pair experienced a choppy Asian session on Friday, with the Australian dollar rally to session highs at shouting distance to 0.74 handle, only to surrender most gains and trade slightly higher above the mid-point of 0.73 barrier as markets digest the latest PBOC moves and RBA Kent’s comments.
AUD/USD supported above 0.7355
Currently, the AUD/USD pair trades modestly flat at 0.7364, retracing from session highs posted at 0.7385 in last hours. The AUD/USD pair remained firmly bid until the mid-Asian session as risk-on market profile was intact as PBOC brought a halt to the yuan devaluation today.
However, the pair failed to sustain at higher levels and trimmed gains towards the late-Asian trades as RBA’s Kent’s upbeat comments on Aus labour market as well as the service sector failed to boost the Aussie further.
Looking ahead, the pair will track US dollar moves amid lack of fresh trigger in the European session as focus now shifts back to a host of US data to be released later tonight.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7385 (Today’s High) levels, above which gains could be extended to 0.7413 (Aug 13 High). On the flip side, support is seen at 0.7355 (Today’s Low) levels from here it to 0.7321 (Aug 13 Low).
AUD/USD supported above 0.7355
Currently, the AUD/USD pair trades modestly flat at 0.7364, retracing from session highs posted at 0.7385 in last hours. The AUD/USD pair remained firmly bid until the mid-Asian session as risk-on market profile was intact as PBOC brought a halt to the yuan devaluation today.
However, the pair failed to sustain at higher levels and trimmed gains towards the late-Asian trades as RBA’s Kent’s upbeat comments on Aus labour market as well as the service sector failed to boost the Aussie further.
Looking ahead, the pair will track US dollar moves amid lack of fresh trigger in the European session as focus now shifts back to a host of US data to be released later tonight.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7385 (Today’s High) levels, above which gains could be extended to 0.7413 (Aug 13 High). On the flip side, support is seen at 0.7355 (Today’s Low) levels from here it to 0.7321 (Aug 13 Low).