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27 Aug 2015
AUD/USD fades a spike to 0.7170
FXStreet (Mumbai) - The Aussie was caught by a renewed bid wave during the European afternoon, pushing AUD/USD to session highs near 0.7170 levels, as rallying oil prices along with higher gold and copper prices continued to boost the commodities-backed currency.
AUD/USD supported at 0.7100
Currently, the AUD/USD pair trades 0.45% higher at 0.7129, bouncing off a brief dip below 0.71 barrier. The Aussie keeps the bid tone intact, although eased-off highs, as markets now brace for the upcoming critical US Q2 GDP revisions which may have major impact on the USD moves.
The pair shot higher in the European session boosted by persisting strength in the oil prices, rebounding sharply from the EIA report led drop in the last US session.
Earlier in Asia, the Aussie remained supported by a better-than-expected third 2015/2016 capex estimates in Australia - despite a horrible backward looking Q2 reading while also enjoying the prevailing 'risk-on' market scenario.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7169 (Today’s High) levels, above which gains could be extended to 0.7200. On the flip side, support is seen at 0.7099 (Today’s Low) levels from here it to 0.7051 (Aug 24 Low).
AUD/USD supported at 0.7100
Currently, the AUD/USD pair trades 0.45% higher at 0.7129, bouncing off a brief dip below 0.71 barrier. The Aussie keeps the bid tone intact, although eased-off highs, as markets now brace for the upcoming critical US Q2 GDP revisions which may have major impact on the USD moves.
The pair shot higher in the European session boosted by persisting strength in the oil prices, rebounding sharply from the EIA report led drop in the last US session.
Earlier in Asia, the Aussie remained supported by a better-than-expected third 2015/2016 capex estimates in Australia - despite a horrible backward looking Q2 reading while also enjoying the prevailing 'risk-on' market scenario.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7169 (Today’s High) levels, above which gains could be extended to 0.7200. On the flip side, support is seen at 0.7099 (Today’s Low) levels from here it to 0.7051 (Aug 24 Low).