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23 Jan 2015
AUD/USD recovers above 0.79 after US data
FXStreet (Mumbai) - The AUD/USD pair recovered part of its losses to trade above 0.79 handle after the gauge of manufacturing index in the US showed a slowdown in activity in January.
The pair now trades at 0.7921 levels, compared to the low of 0.7880 seen at the onset of the US session. The USD weakened after the Preliminary Markit Manufacturing PMI index came-in at 53.7, missing expected print of 54.00 and down from December’s final print of 53.9. Despite a slightly weaker-than-expected data, the recovery in AUD/USD is likely to be muted as the Aussie is being plummeled by expectations that the Reserve Bank of Australia would cut interest rates.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7950, above which gains could be extended to 0.80 levels. Meanwhile, support is seen at 0.79 and 0.7827 levels.
The pair now trades at 0.7921 levels, compared to the low of 0.7880 seen at the onset of the US session. The USD weakened after the Preliminary Markit Manufacturing PMI index came-in at 53.7, missing expected print of 54.00 and down from December’s final print of 53.9. Despite a slightly weaker-than-expected data, the recovery in AUD/USD is likely to be muted as the Aussie is being plummeled by expectations that the Reserve Bank of Australia would cut interest rates.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7950, above which gains could be extended to 0.80 levels. Meanwhile, support is seen at 0.79 and 0.7827 levels.