AUD/USD hovers near 8-day highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD has managed to hold onto daily gains despite the recovery of the US dollar against European currencies seen over the last hours.

    AUD/USD is rising for third day in a row, having recently posted an 8-day high of 0.7671 before finding resistance and retreating slightly. At time of writing, the pair was trading at 0.7660, up 0.87% on the day.

    Meanwhile the greenback ignored import prices data, which showed March figures came in below expectations, 0.2% vs 1.0% MoM and a deeper than expected decline year-over-year (-6.2 vs -4.6 expected).

    AUD/USD levels to watch

    In terms of technical levels, immediate resistances are seen at 0.7678 (Apr 4 high), 0.7700 (psychological level/Apr 1 high) and 0.7720 (Mar 31 high). On the flip side, supports could be faced at 0.7583 (Apr 12 low), 0.7527 (Apr 11 low) and 0.7491 (Apr 7 low).
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