FxWirePro: AUD/USD runs out of steam but maintains bullish outlook
AUD/USD lost some ground in the US session on Thursday as Australian dollar was weighed down by lower oil and stronger dollar across the board. Oil prices were down more than half a percent after hitting a six-month low …
AUD/USD lost some ground in the US session on Thursday as Australian dollar was weighed down by lower oil and stronger dollar across the board.
Oil prices were down more than half a percent after hitting a six-month low on Thursday, remaining under pressure from high global inventories and fears that OPEC's agreed production cuts cannot offset rising production elsewhere.
The dollar rose as solid readings on the U.S. economy helped strengthen the case for the Fed to continue tightening its monetary policy this year.
However, the pair remains under bulls control unless until it trades above 0.7539 support level, therefore it is good to buy this pair on dips.
To the upside, immediate resistance can be seen at 0.7591, a break above this level would take the pair towards next resistance level at 0.7624.
To the downside immediate support can be seen at 0.7566, a break below this level will open the door towards next level at 0.7539.
