2 Jul 2015
AUD/USD wipes out gains, muted below 0.7650
FXStreet (Mumbai) - AUD/USD shaved-off mild gains and trades modestly flat in the early European trades, largely as the traders weigh the discouraging Australia’s trade data which keeps a lid on the prices. While markets remain cautious ahead of the crucial US NFP release later today.
AUD/USD drops from 0.7658
Currently, the AUD/USD pair trades flat at 0.7643, quickly retracing from fresh session highs of 0.7658. The pair swung between gains and losses, finally surrendering gains heading in to the European opening bells.
The Aussie erased gains as markets expect USD bulls to jump back into bids, riding higher on the latest US jobs data print ahead of the most influential US non-farm payrolls data.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
While markets chose to ignore the downbeat Australian trade balance data released early today. Australia's trade balance came in at -2751M for May, which is below forecasts of -2200M.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7658 (Today’s High) levels, above which gains could be extended to 0.7718 (June 29 High) levels. On the flip side, support is seen at 0.7630 (Today’s Low) levels from here it to 0.7588 (June 28 Low) levels.
AUD/USD drops from 0.7658
Currently, the AUD/USD pair trades flat at 0.7643, quickly retracing from fresh session highs of 0.7658. The pair swung between gains and losses, finally surrendering gains heading in to the European opening bells.
The Aussie erased gains as markets expect USD bulls to jump back into bids, riding higher on the latest US jobs data print ahead of the most influential US non-farm payrolls data.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
While markets chose to ignore the downbeat Australian trade balance data released early today. Australia's trade balance came in at -2751M for May, which is below forecasts of -2200M.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7658 (Today’s High) levels, above which gains could be extended to 0.7718 (June 29 High) levels. On the flip side, support is seen at 0.7630 (Today’s Low) levels from here it to 0.7588 (June 28 Low) levels.