Forex: AUD/USD slumps after US data
Forex pairs in this Article »
AUD/USD
FXstreet.com (Córdoba) - The Aussie extended its decline against the US dollar and hit a fresh daily low after data showed US GDP was upwardly revised to 2.7% vs 2.8% expected and jobless claims fell to 393K last week. Even as US data was general strong, the USD rose against AUD and CAD.
AUDUSD lost over 20 pips on the releases and touched a low of 1.0435 before finding buyers. However, the pair remains well within its weekly range, with 1.0425 as immediate support. At time of writing, AUDUSD is quoting at the 1.0440 area, down 0.3% on the day.
From a technical view, "AUDUSD consolidates between 1.0430/1.0490, and honestly unless a clear break of 1.0400/500 I don't see a clear trend in there", says Valeria Bednarik, chief analyst at FXstreet.com. "Playing the extremes may be more interesting for the rest of this week".
AUDUSD lost over 20 pips on the releases and touched a low of 1.0435 before finding buyers. However, the pair remains well within its weekly range, with 1.0425 as immediate support. At time of writing, AUDUSD is quoting at the 1.0440 area, down 0.3% on the day.
From a technical view, "AUDUSD consolidates between 1.0430/1.0490, and honestly unless a clear break of 1.0400/500 I don't see a clear trend in there", says Valeria Bednarik, chief analyst at FXstreet.com. "Playing the extremes may be more interesting for the rest of this week".
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