21 Jul 2015
AUD/USD breaks above 0.7400 and rises further
FXStreet (Córdoba) - AUD/USD climbed almost 80 pips during the last hour boosted by a decline of the US dollar in the currency market. The pair reached recently at 0.7433, the highest level since last Thursday. Currently trades at 0.7420/26, up 0.75%, having the best performance in a month.
AUD/USD recovers; Consolidation ahead?
The dominant trend remains bearish but the pair avoided a daily close below 0.7350, showing signs of consolidation but still faces pressure. To the upside, the next resistance level to consider could be located at 0.7475 and then 0.7490-0.7500.
Weak USD
The dollar weakened in the market during the American session. US industrial production data from June was revised from +0.3% to +0.2%. Also speculations about when the Federal Reserve will raise rates continue to weight on investors decisions.
In Australia, the central bank released during the Asian session the minutes from the latest meeting and pushed the Aussie to the downside after mentioning that further AUD depreciation is likely needed. The Australian dollar during the last hours erased losses versus greenback but also rose against the kiwi.
AUD/USD recovers; Consolidation ahead?
The dominant trend remains bearish but the pair avoided a daily close below 0.7350, showing signs of consolidation but still faces pressure. To the upside, the next resistance level to consider could be located at 0.7475 and then 0.7490-0.7500.
Weak USD
The dollar weakened in the market during the American session. US industrial production data from June was revised from +0.3% to +0.2%. Also speculations about when the Federal Reserve will raise rates continue to weight on investors decisions.
In Australia, the central bank released during the Asian session the minutes from the latest meeting and pushed the Aussie to the downside after mentioning that further AUD depreciation is likely needed. The Australian dollar during the last hours erased losses versus greenback but also rose against the kiwi.