27 Feb 2015
AUD/USD climbs to fresh session highs ahead of US data
FXStreet (Mumbai) - AUD/USD bounced-off three day-lows and pierced through 0.78 handle to hit new highs during the European session, largely on profit-taking after last US session's greenback rally.
AUD/USD supported above 0.7800
Currently, the AUD/USD trades higher by 0.27% at 0.7825 levels, having posted new highs at 0.7828 levels some minutes ago. The Aussie regained strength on an extended US dollar sell-off as traders wind up positions before the release of crucial US GDP figures later in the day.
Moreover, a substantial recovery in oil prices after the recent sell-off triggered by record inventories also boosted the commodity-back AUD/USD pair. Meanwhile, traders now focus on US GDP data and consumer confidence data which might once again spike a greenback rally.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7837 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7755 from here it to 0.7721 levels.
AUD/USD supported above 0.7800
Currently, the AUD/USD trades higher by 0.27% at 0.7825 levels, having posted new highs at 0.7828 levels some minutes ago. The Aussie regained strength on an extended US dollar sell-off as traders wind up positions before the release of crucial US GDP figures later in the day.
Moreover, a substantial recovery in oil prices after the recent sell-off triggered by record inventories also boosted the commodity-back AUD/USD pair. Meanwhile, traders now focus on US GDP data and consumer confidence data which might once again spike a greenback rally.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7837 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7755 from here it to 0.7721 levels.