AUD/USD holds near 6-year lows

AUD/USD holds near 6-year lows
FXStreet (Córdoba) – AUD/USD has gone through a consolidation phase over the last sessions after printing fresh 6-year lows on Friday, weighed by poor Chinese data and falling commodity prices.

AUD/USD bottomed out at 0.7259 on Friday and managed to recover slightly. However, the upside has been capped by the 0.7300 zone, confining the pair to a sideways phase. At time of writing, AUD/USD is trading at 0.7289, virtually unchanged on the day.

FOMC and US GDP eyed

The greenback failed to benefit from stronger than expected US durable goods orders data as investors attention turns to the FOMC policy meeting and gross domestic product figures later this week.

AUD/USD levels to watch

As for technical levels, if AUD/USD manages to extend recovery past 0.7300, next resistances are seen at 0.7327 (Jul 20 low), 0.7361/69 (Jul 24 high/10-day SMA) and 0.7400 (psychological level). On the downside, immediate supports could be found at 0.7259 (6-year low Jul 24), 0.7240 (May 1 2009 low) and 0.7200 (psychological level).
For more information, read our latest forex news.
AUD/USD holds near 6-year lows
Source: FXStreet