25 Jun 2015
AUD/USD: Minor recovery on key support zone
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7703 with high of 0.7772 and a low of 0.7681.
AUD/USD has been sidelined after the minor recovery from the lows of the recent downtrend of the mid point of the 0.7700 handle. From the calendar, the US GDP revision came out as expected at -0.2%, but despite the contraction in Q1, markets are taking Yellens word that the sluggish growth was just a glitch at the beginning of the year.
There has been little reaction to the data and markets have instead been tuning in to the recent turnaround in sentiment around the prospects of a Greek deal this week. Greek PM Tsipras was reported saying that their creditors have rejected the latest proposals. There is strength i the Greenback on risk aversion while the Aussie has taken the brunt of the weakness in the commodity sector as a result.
Technically, the major is offered below 0.7760 and 0.7640/75 area could come under pressure as we progress onwards. Valeria Bednarik, chief analyst at FXStreet also explained in detail, here, that the pair needs to break below the next intraday support, at 0.7640, to extend its decline towards sub 0.7600 levels."
AUD/USD has been sidelined after the minor recovery from the lows of the recent downtrend of the mid point of the 0.7700 handle. From the calendar, the US GDP revision came out as expected at -0.2%, but despite the contraction in Q1, markets are taking Yellens word that the sluggish growth was just a glitch at the beginning of the year.
There has been little reaction to the data and markets have instead been tuning in to the recent turnaround in sentiment around the prospects of a Greek deal this week. Greek PM Tsipras was reported saying that their creditors have rejected the latest proposals. There is strength i the Greenback on risk aversion while the Aussie has taken the brunt of the weakness in the commodity sector as a result.
Technically, the major is offered below 0.7760 and 0.7640/75 area could come under pressure as we progress onwards. Valeria Bednarik, chief analyst at FXStreet also explained in detail, here, that the pair needs to break below the next intraday support, at 0.7640, to extend its decline towards sub 0.7600 levels."