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3 Jun 2015
AUD/USD: Rallies on to the 0.78 handle
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7771 with a high of 0.7638 and a low of 0.7606.
AUD/USD has rallied again but this time fuelled by domestic data that came in the form of the Australia Q1 GDP. This arrived as 0.9% q/q against 0.7% consensus, sending the major commodity currency higher and on to test the 0.78 handle for the first time this month vs the 0.8163 downtrend.
This news along with a steady hand from the RBA yesterday leaves the pair on the front foot while markets else where are creating supply in an overcrowded greenback ahead of this week's Nonfarm Payrolls data from the US. Technically, we are looking for the 0.7890/50% retracement and the 0.8160 recent highs to act as initial resistances on further demand.
AUD/USD has rallied again but this time fuelled by domestic data that came in the form of the Australia Q1 GDP. This arrived as 0.9% q/q against 0.7% consensus, sending the major commodity currency higher and on to test the 0.78 handle for the first time this month vs the 0.8163 downtrend.
This news along with a steady hand from the RBA yesterday leaves the pair on the front foot while markets else where are creating supply in an overcrowded greenback ahead of this week's Nonfarm Payrolls data from the US. Technically, we are looking for the 0.7890/50% retracement and the 0.8160 recent highs to act as initial resistances on further demand.