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2 Sep 2015
AUD/USD volatile in Asia, regains 0.70 and beyond
FXStreet (Mumbai) - The Aussie witnessed a volatile Asian session, swinging between gains and losses, as the pair was affected by weak Aus GDP print as well as by the risk-on flows returning to the market.
AUD/USD bounces-off fresh 6-1/2 year lows
Currently, the AUD/USD pair trades slightly higher at 0.7020, having struck fresh six and a half year lows at 0.6982 in early Asia. The AUD/USD pair staged a solid rebound from fresh multi-year lows sub 0.70 and swung back higher to 0.7035 highs, only to erase most gains and trade modestly flat as we head towards the European opening bells.
Earlier in Asia, the Aussie tumbled to the lowest levels in more than six year at 0.6982 after the Australia’s GDP report showed growth easing during the June quarter.
GDP growth slowed from 0.9% in the March quarter to 0.2% last quarter, missing the market forecast of a 0.4% increase. On an annual basis, the gauge rose 2.0% last quarter, slowing from 2.3% in Q1.
However, the recovery in the Aussie seems short-lived as the Australian currency remains under pressure from the ongoing growth concerns about China, its biggest trading partner.
Meanwhile, traders now look forward to a slew of US economic data to be released later in the US session for further AUD/USD moves.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7100 levels, above which gains could be extended to 0.7157 (Sept 1 High). On the flip side, support is seen at 0.6982 (Today’s Low) levels from here it to 0.6950 (early 2009 levels).
AUD/USD bounces-off fresh 6-1/2 year lows
Currently, the AUD/USD pair trades slightly higher at 0.7020, having struck fresh six and a half year lows at 0.6982 in early Asia. The AUD/USD pair staged a solid rebound from fresh multi-year lows sub 0.70 and swung back higher to 0.7035 highs, only to erase most gains and trade modestly flat as we head towards the European opening bells.
Earlier in Asia, the Aussie tumbled to the lowest levels in more than six year at 0.6982 after the Australia’s GDP report showed growth easing during the June quarter.
GDP growth slowed from 0.9% in the March quarter to 0.2% last quarter, missing the market forecast of a 0.4% increase. On an annual basis, the gauge rose 2.0% last quarter, slowing from 2.3% in Q1.
However, the recovery in the Aussie seems short-lived as the Australian currency remains under pressure from the ongoing growth concerns about China, its biggest trading partner.
Meanwhile, traders now look forward to a slew of US economic data to be released later in the US session for further AUD/USD moves.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7100 levels, above which gains could be extended to 0.7157 (Sept 1 High). On the flip side, support is seen at 0.6982 (Today’s Low) levels from here it to 0.6950 (early 2009 levels).