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28 Jul 2015
AUD/USD recovers from 6-year lows; vulnerable to Chinese turmoil
FXStreet (Córdoba) - AUD/USD is trading on both sides of 0.7300, having recovered from 6-year lows scored earlier on the day as Chinese stock market pick up from lows after its largest one-day slump in 8 years.
AUD/USD managed to recover from a fresh cycle low of 0.7256 and climbed all the way back to 0.7325 before finding resistance and entering a consolidation phase. At time of writing, the pair is trading at 0.7307, 0.55% above its opening price.
In the absence of first-tier data, investors focus turns to FOMC policy decision to be announced on Wednesday. Some analysts have cut expectations of a Fed rate hike this year amid Chinese turmoil and falling commodity prices.
AUD/USD technical levels
In terms of technical levels, AUD/USD could find next resistances at 0.7325 (Jul 28 high), 0.7354/61 (10-day SMA/Jul 24 high) and 0.7400 (psychological level). On the other hand, supports are seen at 0.7256 (6-year low Jul 28), 0.7240 (May 1 2009 low) and 0.7200 (psychological level).
AUD/USD managed to recover from a fresh cycle low of 0.7256 and climbed all the way back to 0.7325 before finding resistance and entering a consolidation phase. At time of writing, the pair is trading at 0.7307, 0.55% above its opening price.
In the absence of first-tier data, investors focus turns to FOMC policy decision to be announced on Wednesday. Some analysts have cut expectations of a Fed rate hike this year amid Chinese turmoil and falling commodity prices.
AUD/USD technical levels
In terms of technical levels, AUD/USD could find next resistances at 0.7325 (Jul 28 high), 0.7354/61 (10-day SMA/Jul 24 high) and 0.7400 (psychological level). On the other hand, supports are seen at 0.7256 (6-year low Jul 28), 0.7240 (May 1 2009 low) and 0.7200 (psychological level).