FxWirePro: AUD/USD drift near 1-1/2 month lows, downside bias remains
AUD/USD was pinned near 1-1/2 month lows on Wednesday as the market waited for clues on the timing of interest rate rises in the United States. Investors remained cautious ahead economic data in Australia and United stat…
AUD/USD was pinned near 1-1/2 month lows on Wednesday as the market waited for clues on the timing of interest rate rises in the United States.
Investors remained cautious ahead economic data in Australia and United states with employment change, retail sales, producer price, and Fed manufacturing index due for release on Friday.
Currently, the currency pair is trading around 0.7183 levels, it is set to decline further towards 0.7140 and later towards 0.7100 levels in the short term.
Strong support can be seen at 0.7143, a break below this level will expose the pair towards next support level located at 0.7080.
Major resistance can be seen at 0.7242, a break above this level will open the gates towards 0.7300 levels.
