AUD/USD’s low at 0.7616 and finds bottom

FXStreet (Guatemala) – AUD/USD is currently trading at 0.7648 with a high of 0.7762 and a low of 0.7616.

AUD/USD has been offered ever since the drop overnight post Capex and the major commodity currency has been licking its wounds on 0.7640 support post the minor recovery from 0.7616 lows. The data arrived as -4.4% for Q1 vs – 2.2% in Q4 last year, while most important was the second estimate for 2015/16 where Capex was A$104.0 bln vs earlier higher estimates of A$109.8 bln and that has really put a dent in the currency, now breaking the handle.

Technically, we have 0.7534 April lows in sight on further supply below 0.7600. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained, In the 4 hours chart, the 20 SMA stands well above the current level, around 0.7740 now, whilst the technical indicators stand flat in oversold territory, lacking directional strength. The immediate resistance stands around former lows in the 0.7670 level, with a recovery above probably triggering an upward corrective movement up to the mentioned 0.7740 level, where selling interest is expected to resume.”

AUD/USD is currently trading at 0.7648 with a high of 0.7762 and a low of 0.7684.

(Market News Provided by FXstreet)