5 Aug 2015
AUD/USD erases gains after new US data
FXStreet (Córdoba) - AUD/USD was trading near 0.7400 at daily highs after the ADP Employment report but then turned to the downside following service sector data from the US. It fell to test daily lows, erasing daily gains.
AUD/USD supported by 0.7330
The decline from 0.7394 found support above daily lows that lie at 0.7334. The area around 0.7303/35 continues to offer support on Wednesday. Currently AUD/USD trades at 0.7345, 35 pips below yesterday’s closing price.
Today the aussie is pulling back after posting yesterday strong gains boosted by economic data from Australia. On Thursday, the Australian employment report will be released and on Friday, the Non-Farm payroll.
AUD/USD still holds a bullish bias
With yesterday’s rally, AUD/USD managed to break important short-term resistance levels. Today retreated but so far it had been able to hold above 0.7330, where the 20-SMA in 4 hour charts stands. A break lower could change the bias and exposed 0.7300.
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AUD/USD supported by 0.7330
The decline from 0.7394 found support above daily lows that lie at 0.7334. The area around 0.7303/35 continues to offer support on Wednesday. Currently AUD/USD trades at 0.7345, 35 pips below yesterday’s closing price.
Today the aussie is pulling back after posting yesterday strong gains boosted by economic data from Australia. On Thursday, the Australian employment report will be released and on Friday, the Non-Farm payroll.
AUD/USD still holds a bullish bias
With yesterday’s rally, AUD/USD managed to break important short-term resistance levels. Today retreated but so far it had been able to hold above 0.7330, where the 20-SMA in 4 hour charts stands. A break lower could change the bias and exposed 0.7300.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!