Back
4 Mar 2015
AUD/USD surrenders Aus GDP-backed gains, holds above 0.7800
FXStreet (Mumbai) - AUD/USD shaved-off Aus GDP induced gains and traded almost flat in the mid-Asian session as traders continue to digest latest set of economic data from the Australia.
AUD/USD drops from 0.7835 levels
Currently, the AUD/USD trades flat at 0.7820 levels, quickly retreating from session highs posted at 0.7835 levels post GDP data. The Aussie rose to fresh highs in reaction to the Aus GDP data which grew 0.5% last quarter from 0.3% in the September quarter. However, the gains were quickly wiped out as traders were unimpressed that the Australia's economy expanded at the slowest annual pace, missing market forecasts in the Q4 2014.
Moreover, traders now await US macro data for further momentum on the pair with NFP figures being the key event to watch out for. The pair continues to receive support from stabilizing oil prices and a minor recovery seen in gold and copper prices.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7840 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7750 from here it to 0.7721 levels.
AUD/USD drops from 0.7835 levels
Currently, the AUD/USD trades flat at 0.7820 levels, quickly retreating from session highs posted at 0.7835 levels post GDP data. The Aussie rose to fresh highs in reaction to the Aus GDP data which grew 0.5% last quarter from 0.3% in the September quarter. However, the gains were quickly wiped out as traders were unimpressed that the Australia's economy expanded at the slowest annual pace, missing market forecasts in the Q4 2014.
Moreover, traders now await US macro data for further momentum on the pair with NFP figures being the key event to watch out for. The pair continues to receive support from stabilizing oil prices and a minor recovery seen in gold and copper prices.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7840 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7750 from here it to 0.7721 levels.