AUD/USD surrenders early gains to levels beyond 0.7100 handle

Haresh Menghani FXStreet

• A modest pickup in the USD demand kept a lid on early attempted rebound.
• Positive copper prices also failed to provide any meaningful positive impetus.

The AUD/USD pair surrendered early modest gains to levels beyond the 0.7100 handle and is currently placed at the lower end of its daily trading range.

The pair built on previous session's late rebound from 1-1/2 week lows, with a combination of positive factors helping gains traction for the second consecutive session on Wednesday.

Against the backdrop of a modest overnight rebound in the US equities, a turnaround in Chinese markets provided an additional boost to the China-proxy Australian Dollar and lifted the pair to an intraday high level of 0.7106.

The uptick was further supported by the prevalent positive tone around copper prices, which tend to underpin the commodity-linked Australian Dollar, though some renewed pickup in the US Dollar demand capped gains.

Despite the ongoing slide in the US Treasury bond yields, the greenback managed to hold ground and was seen as one of the key factors keeping a lid on any strong follow-through movement, at least for the time being.

In absence of any major market moving economic releases, the USD price dynamics and broader market risk sentiment might continue to act as key determinants of the pair's momentum through Wednesday's trading session.

Technical levels to watch

The 0.7050-40 region might continue to protect the immediate downside, below which the pair is likely to accelerate the slide further towards testing the key 0.70 psychological mark. On the flip side, the 0.7100-0.7110 region now seems to act as an immediate resistance and is followed by the 0.7150-60 heavy supply zone, which if cleared might trigger a near-term short-covering bounce.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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