AUD/USD corrects lower from 6-week highs
- Stronger US Dollar sends AUD/USD under 0.7640, still remains above key 0.7600.
- The greenback is down against European currencies and the yen, but up versus EM and commodity link-currencies.
The AUD/USD pair is retreating on Thursday, trimming part of yesterday’s gains. It is still up for the week but it moved away from 0.7675, the highest level since April 23 it reached on Wednesday.
The decline took place amid a stronger US Dollar against Emerging market and commodity currencies. AUD/USD approached weekly highs during the Asian session at 0.7672 but lost momentum.
After moving sideways around 0.7650 for hours, the pair broke to the downside, and recently printed a fresh daily low at 0.7623. It was holding near the lows with the negative intraday tone intact.
The Aussie is also lower today against the Kiwi but on a weekly basis is still among the best performers supported by the RBA statement and Australian GDP data.
AUD/USD Technical level
To the upside, resistance level might be located at 0.7660, 0.7675 (Jun 6 high) and 0.7700. On the flip side, immediate support is seen at yesterday’s low at 0.7610 followed by 0.7590 (May 31 high / Jun 5 low) and 0.7555.
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
