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5 Feb 2015
AUD/USD jumps to fresh session highs, 0.7800 in sight
FXStreet (Mumbai) - AUD/USD reversed previous losses and edged higher as traders digest slightly positive OZ housing data, while shrugged off mixed retail sales numbers.
Aussie climbs from 0.7755 levels
Currently, the AUD/USD trades stronger by 0.45% at 0.7787 levels, nearing day’s high posted at 0.7792 levels few minutes ago. The Aussie remained lifted after home sales came in 14.4% higher last year than in 2013. However, markets seemed to have ignored softer retail sales numbers which grew a 0.2% m/m during December, coming in weaker than the forecast of a 0.3% increase, and only just higher than November's 0.1% rise in sales.
Overall, the pair remains underpinned on People's Bank of China (PBoC) effective monetary policy easing announcement yesterday, in a bid to stimulate economic growth. China's central bank cut the required reserve ratio (RRR) for all large commercial banks by 50 basis points to 19.5%, effective today.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7853 levels. On the flip side, support is seen at 0.7754 from here it to 0.7717 levels
Aussie climbs from 0.7755 levels
Currently, the AUD/USD trades stronger by 0.45% at 0.7787 levels, nearing day’s high posted at 0.7792 levels few minutes ago. The Aussie remained lifted after home sales came in 14.4% higher last year than in 2013. However, markets seemed to have ignored softer retail sales numbers which grew a 0.2% m/m during December, coming in weaker than the forecast of a 0.3% increase, and only just higher than November's 0.1% rise in sales.
Overall, the pair remains underpinned on People's Bank of China (PBoC) effective monetary policy easing announcement yesterday, in a bid to stimulate economic growth. China's central bank cut the required reserve ratio (RRR) for all large commercial banks by 50 basis points to 19.5%, effective today.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7853 levels. On the flip side, support is seen at 0.7754 from here it to 0.7717 levels