AUD/USD recovers from 2-week lows

Matías Salord FXStreet

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).

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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