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3 Apr 2015
AUD/USD flirting with 0.76
FXStreet (Mumbai) - AUD/USD emerged as the strongest performer in the fx markets, rising above 0.76 handle, amid calm European session as traders now turn their attention towards US jobs data due later ahead of US open.
AUD/USD ends choppy trade
Currently, the AUD/USD trades higher by 0.11%% and hovers around 0.76 handle, extending its range trend. AUD/USD consolidated previous losses and edged higher largely on short-covering rally as traders close their AUD shorts ahead of the crucial US labour market report, which is expected to be the major driver in the North American session.
The AUD/USD pair recovered from new cyclical lows reached in the previous session, although remains pressured as traders await the upcoming Reserve Bank of Australia (RBA) meeting, where the central bank may cut rates again.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7612 levels, above which gains could be extended to 0.7646 levels. On the flip side, support is seen at 0.7558 levels from here it to 0.7520 levels.
AUD/USD ends choppy trade
Currently, the AUD/USD trades higher by 0.11%% and hovers around 0.76 handle, extending its range trend. AUD/USD consolidated previous losses and edged higher largely on short-covering rally as traders close their AUD shorts ahead of the crucial US labour market report, which is expected to be the major driver in the North American session.
The AUD/USD pair recovered from new cyclical lows reached in the previous session, although remains pressured as traders await the upcoming Reserve Bank of Australia (RBA) meeting, where the central bank may cut rates again.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7612 levels, above which gains could be extended to 0.7646 levels. On the flip side, support is seen at 0.7558 levels from here it to 0.7520 levels.