AUD/USD recovers from 2-week lows
|The Aussie has been able to erase daily losses during the last three hours against the US dollar. AUD/USD continued during the Asian session moving to the downside and bottomed after the release of US GDP data at 0.7556 the lowest level since October 14.
According to the first estimate, the US economy grew at a 2.9% annualized rate during the third quarter, above the 2.5% expected and at the fastest pace since the 3Q 2014. Greenback moved to the upside but quickly reverse the trend, favoring a rebound in the AUD/USD pair.
Recently AUD/USD rose above 0.7590 and is moving toward 0.7600, on the back of a weak US dollar and amid risk appetite. In the US, the Dow Jones is up 0.37% while the Nasdaq gains 0.25%.
Technical levels
To the upside, resistance levels might be located at 0.7605/10 (daily high), 0.7635 (Oct 26 low) and 0.7650 (daily high). On the opposite direction, support could be seen at 0.7575 ( (Oct 17 low), 0.7555 (Oct 28 low) and 0.7530 (Oct 11 low).
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.