AUD/USD Turns Higher For the Day, 0.75 Mark Back on Sight

Wednesday, 16 May 2018 13:55 WIB



The AUD/USD pair reversed an early dip to 0.7447 level and managed to recover around 40-pips from session lows.

The pair initially weakened to fresh weekly lows on the back of a slight disappointment from the Australian wage price index, coming in to show a rise of 0.5% q-o-q as compared to 0.6% anticipated.

The downtick, however, turned out to be short-lived, with a subdued US Dollar demand and a modest retracement in the US Treasury bond yields extending some support to higher-yielding currencies - like the Aussie.

Technical levels AUD/USD

Any subsequent recovery is likely to confront resistance near the key 0.75 psychological mark, above which the pair might head back towards challenging the 0.7540 supply zone. On the flip side, mid-0.7400s remains the immediate support to defend, which if broken should now pave the way for a resumption of the prior depreciating slide.

Source : fxstreet


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