12 May 2015
AUD/USD extends beyond 0.79
FXStreet (Mumbai) - The Australian dollar reversed previous losses and advanced against the US dollar in the mid-Asian session, with AUD/USD regaining 0.79 handle, following upbeat Australian home loans data while Fitch ratings confirmed that Australia’s AAA rating is not at risk also boosted the Aussie.
AUD/USD rises from 0.7887
Currently, the AUD/USD pair rose nearly 0.30% and trades at 0.7915, retreating from fresh session highs reached at 0.7921 in last hours. AUD/USD recovered losses and edged higher this session after the Aussie received impetus from better than expected Australian home loans data which showed that home loans registered 1.6% in March, beating expectations of 1%, while the investment lending for homes increased to 6.4% in March from previous -3.4%.
Moreover, Fitch’s confirmation that Australia’s AAA rating is not at risk for now also pushed the AUD/USD pair higher. Also, a recovery seen in oil and gold prices also boosted the resource-linked AUD.
Meanwhile, markets now await Australian Annual budget release to be published in the European session for impact on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7952 (May 11 High) levels, above which gains could be extended to 0.7974 (May 8 High) levels. On the flip side, support is seen at 0.7887 (Today’s Low) levels from here it to 0.7859 (May 8 Low) levels.
AUD/USD rises from 0.7887
Currently, the AUD/USD pair rose nearly 0.30% and trades at 0.7915, retreating from fresh session highs reached at 0.7921 in last hours. AUD/USD recovered losses and edged higher this session after the Aussie received impetus from better than expected Australian home loans data which showed that home loans registered 1.6% in March, beating expectations of 1%, while the investment lending for homes increased to 6.4% in March from previous -3.4%.
Moreover, Fitch’s confirmation that Australia’s AAA rating is not at risk for now also pushed the AUD/USD pair higher. Also, a recovery seen in oil and gold prices also boosted the resource-linked AUD.
Meanwhile, markets now await Australian Annual budget release to be published in the European session for impact on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7952 (May 11 High) levels, above which gains could be extended to 0.7974 (May 8 High) levels. On the flip side, support is seen at 0.7887 (Today’s Low) levels from here it to 0.7859 (May 8 Low) levels.