AUD/USD analysis: back below 0.8000 on Wall Street's slump
|AUD/USD Current price: 0.7972
The AUD/USD pair traded as high as 0.8065, its highest since May 2015 at the beginning of the day, but settled around 0.7970, down on soft Australian data and the sour tone of US equities. Data coming from Australia showed that during the second quarter of the year, the import price index fell 0.1% against the 0.7% advance expected and 1.2% previous, while the export price index also edged lower, down by 5.7%, slightly better than the 6.3% drop expected, but well below previous 9.4%. Australia will release its Q2 PPI figures during the upcoming Asian session, expected modestly up from Q1 readings, but chances are of a miss and therefore further pressure on the Aussie. From a technical point of view, the risk of a downward extension is limited at the time being, as the price managed to bounce from a now flat 20 SMA, whilst technical indicators turned horizontal within neutral territory, after correcting overbought conditions. Nevertheless, an acceleration though 0.7950, the immediate support, should support a bearish extension that can reach the 0.7870 support area.
Support levels: 0.7950 0.7905 0.7870
Resistance levels: 0.7985 0.8020 0.8050
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.