AUD/USD eases from two-week highs
|- AUD/USD has backed off from the two-week highs possibly due to an uptick in the treasury yields.
- The pair has retraced 50 percent of the drop from the Aug. 28 high of 0.7362.
Currently, the AUD/USD pair is trading at 0.7216, having clocked a two-week high of 0.7234 earlier today.
The currency posted solid gains on Tuesday, despite escalating US-China trade tensions and rising treasury yields, likely due to a 3 percent rise in NY copper and recovery in Chinese yuan.
However, as of writing, the focus seems to have shifted to a rise in the 10-year treasury yield to a four-month high of 3.06 percent.
Looking forward, the AUD could find acceptance above 0.7224 (50% Fib R of 0.7362/0.7085) if the CNY prints gains and the global equities remain bid.
AUD/USD Technical Levels
Resistance: 0.7238 (Aug. 24 low), 0.7256 (61.8% Fib R of 0.7362/0.7085), 0.7307 (50-day moving average)
Support: 0.7191 (5-day moving average), 0.7142 (Sept. 17 low), 0.71 (psychological level)
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.