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AUD / USD fails to extend recovery above 0.7625 ahead of US data

  • AUD / USD bounced after hitting five-week lows.
  • The US Dollar Index is stable above 91.00 on Wednesday.
  • Ahead: US employment and service sector data.

AUD / USD fell to its lowest level since late December at 0.7563 on Tuesday and is recovering modestly on Wednesday. It is trading at 0.7610, after having encountered resistance at the 0.7625 / 30 area.

Lowe del RBA reafirma tono “dovish”

On Tuesday, the meeting of the Reserve Bank of Australia (RBA) brought down the aussie throughout the market. The central bank increased the buying program and had a tone described as dovish. Additionally, the strength of the dollar against the G10 currencies added further downward pressure to AUD / USD.

Commenting on the RBA’s policy decision, RBA Governor Phillip Lowe said Wednesday that they would have “unwanted upward pressure” on the AUD if they did not extend the buying program. Lowe also reiterated that they will continue to provide very significant monetary support.

In US important economic data to be released on Wednesday which include ADP’s private sector employment report and service sector figures from PMI Markit and ISM. Before them, the dollar is still strong, with the DXY trading in the 91.20 area, at the level of the highest in weeks.

Technical levels

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