27 Apr 2015
AUD/USD struggles above 0.78
FXStreet (Mumbai) - The Australian dollar wiped out previous gains and fell back in red against the US counterpart in the mid-European session, bouncing-off fresh session highs as traders resorted to profit-taking after the recent strength in AUD/USD, supported by weaker than estimates US macro data.
AUD/USD snaps a 3-day rally
Currently, the AUD/USD trades modestly lower by -0.10% at 0.7814, failing to extend beyond 0.7837 highs. AUD/USD shaved off gains as traders preferred to hold the reserve currency as cautiousness prevails ahead of this week's Federal Reserve (Fed) meeting - concluding on Wednesday.
More so, broadly stronger US dollar extending its corrective rally with the DXY higher to the tune of 0.26% at 97.33 also dragged the Aussie lower.
On the macro economic front, markets now focus on US services PMI data and tomorrow’s RBA Stevens speech for further cues on the Aussie. While US FOMC will be eagerly awaited.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7846 (April 21 High) levels, above which gains could be extended to 0.7886 (March 26 High)) levels. On the flip side, support is seen at 0.7787 (April 19 Low) levels from here it to 0.7755 (April 17 Low) levels.
AUD/USD snaps a 3-day rally
Currently, the AUD/USD trades modestly lower by -0.10% at 0.7814, failing to extend beyond 0.7837 highs. AUD/USD shaved off gains as traders preferred to hold the reserve currency as cautiousness prevails ahead of this week's Federal Reserve (Fed) meeting - concluding on Wednesday.
More so, broadly stronger US dollar extending its corrective rally with the DXY higher to the tune of 0.26% at 97.33 also dragged the Aussie lower.
On the macro economic front, markets now focus on US services PMI data and tomorrow’s RBA Stevens speech for further cues on the Aussie. While US FOMC will be eagerly awaited.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7846 (April 21 High) levels, above which gains could be extended to 0.7886 (March 26 High)) levels. On the flip side, support is seen at 0.7787 (April 19 Low) levels from here it to 0.7755 (April 17 Low) levels.