AUD/USD extends gains, hits fresh highs above 0.7600

Matías Salord FXStreet

AUD/USD rose further against the US dollar, that is falling sharply across the board as stocks in Wall Street bounced to the upside. The pair climbed to 0.7609, reaching the highest level since July 14 and then pulled back modestly.

It was trading around 0.7600, up a hundred pips for the day. All gains came after the release of US GDP data that surprised to the downside. US gross domestic product grew at a seasonally adjusted annual rate of 1.2% during the second quarter, about half of expectations of a 2.6% reading.

AUD/USD levels to watch

To the upside, resistance levels might be located at 0.7605/10 (July 18 & 29 high), 0.7640 (July 13 high) and 0.7675 (July 15 high). On the opposite direction, potential support levels lie at 0.7575 (July 18 low), 0.7550 (July 28 high) and 0.7490 (daily low).

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.

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