AUD/USD extends recovery to 0.7660

FXStreet (Mumbai) – The Australian dollar extends its overnight recovery mode versus its US counterpart in the Asian session, with AUD/USD retreating from more than a month lows reached in the previous session. The Aussie remains lifted in Asia mainly due to profit-taking after the recent weakness on poor Aus Capex data.

AUD/USD supported at 0.7640

Currently, the AUD/USD pair trades 0.18% higher at 0.7663, retreating from fresh session lows of 0.7642. The Aussie remains boosted largely as traders took to profit-booking on their AUD shorts after worse-than expected Australia’s private capex figures spurred rate RBA cut bets dragging the AUD lower to fresh six week lows of 0.7619 on Thursday.

Moreover, the US dollar took a breather in its recent rally and has edged lower ahead of US GDP data which also keeps the Aussie underpinned. Meanwhile, markets now shift their attention towards a batch of US macro releases later today for further momentum on the pair.

AUD/USD Technical Levels

The pair has an immediate resistance at 0.7674 (Today’s High) levels, above which gains could be extended to 0.7700 levels. On the flip side, support is seen at 0.7642 (Today’s Low) levels from here it to 0.7619 (May 28 Low) levels.

The Australian dollar extends its overnight recovery mode versus its US counterpart in the Asian session, with AUD/USD retreating from more than a month lows reached in the previous session. The Aussie remains lifted in Asia mainly due to profit-taking after the recent weakness on poor Aus Capex data.

(Market News Provided by FXstreet)