5 Jun 2015
AUD/USD rejected at 0.77
FXStreet (Mumbai) - The Australian dollar erased previous losses and extends its gradual ascent versus the US dollar in the mid-Asian session, with AUD/USD hovering around 0.77 barrier, mainly driven by upbeat Australian construction PMI reading while markets now turn their focus towards the much-awaited NFP figures from the US due today.
AUD/USD supported at 0.7680
Currently, the AUD/USD pair trades 0.16% higher at 0.7695, easing-off fresh session highs reached just ahead of 0.77 barrier last hours. The Aussie snapped previous losses and edged higher this session largely on the back of better than expected Australia’s construction PMI report which revealed that the construction activity in the OZ economy improved in May, coming in at 47.8 versus 47.00, although AIG noted that the reading remains below 50 i.e, in contraction.
Moreover, the AUD/USD pair also kept gains on a short-covering rally after the recent weakness following impressive US jobless claims released on Thursday which boosted the USD bulls. Meanwhile, traders gear up for the American employment data due out later in the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7729 (April 10High) levels, above which gains could be extended to 0.7766 (May 28 High) levels. On the flip side, support is seen at 0.7680 (Today’s Low) levels from here it to 0.7661 (June 4 Low) levels.
AUD/USD supported at 0.7680
Currently, the AUD/USD pair trades 0.16% higher at 0.7695, easing-off fresh session highs reached just ahead of 0.77 barrier last hours. The Aussie snapped previous losses and edged higher this session largely on the back of better than expected Australia’s construction PMI report which revealed that the construction activity in the OZ economy improved in May, coming in at 47.8 versus 47.00, although AIG noted that the reading remains below 50 i.e, in contraction.
Moreover, the AUD/USD pair also kept gains on a short-covering rally after the recent weakness following impressive US jobless claims released on Thursday which boosted the USD bulls. Meanwhile, traders gear up for the American employment data due out later in the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7729 (April 10High) levels, above which gains could be extended to 0.7766 (May 28 High) levels. On the flip side, support is seen at 0.7680 (Today’s Low) levels from here it to 0.7661 (June 4 Low) levels.