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16 Jul 2015
AUD/USD defies laws of gravity after Greek parliament rescue
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7416 with a high of 0.7438 and a low of 0.7348.
AUD/USD has been o the bid in an environment of risk on markets while investors are looking for yield again where otherwise there cash has been parked and idle during the Greek saga.
The Aussie can fall back on the relatively positive data that has been coming out of late, from the jobs market, business climate and over to China's better outcomes in Industrial Production, Retails Sales and GDP that read Q/Q 1.7% vs 1.6% and 7% vs 6.9% Y/Y earlier in the week.
AUD/USD better bid but for how long?
Technically, and near term, the market remains offered below the 0.7613 short term resistance line. Karen Jones, chief analyst at Commerzbank explained that, "Rallies will find initial resistance at 0.7559, the 23.6% retracement and should ideally remain contained by the 0.7613 short term resistance line to remain directly offered."
AUD/USD has been o the bid in an environment of risk on markets while investors are looking for yield again where otherwise there cash has been parked and idle during the Greek saga.
The Aussie can fall back on the relatively positive data that has been coming out of late, from the jobs market, business climate and over to China's better outcomes in Industrial Production, Retails Sales and GDP that read Q/Q 1.7% vs 1.6% and 7% vs 6.9% Y/Y earlier in the week.
AUD/USD better bid but for how long?
Technically, and near term, the market remains offered below the 0.7613 short term resistance line. Karen Jones, chief analyst at Commerzbank explained that, "Rallies will find initial resistance at 0.7559, the 23.6% retracement and should ideally remain contained by the 0.7613 short term resistance line to remain directly offered."