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7 Jan 2015
AUD/USD treads water, FOMC minutes eyed
FXStreet (Mumbai) - The Aussie edges lower against the US dollar in a choppy mid-Asian session, as traders digested weak Australian services sector performance for a tenth month in a row.
Currently, the AUD/USD traded at 0.8075 levels, down -0.12%, having posted intraday low of 0.8055 levels in the early Asian morning. The Aussie remains pressured against the greenback largely on the back of sliding commodities prices and on weaker Aussie services sector data which revealed conditions in the services industries deteriorated at a slower pace in December, with the AIG Australian Performance of Services Index improving slightly by 3.7 points to 47.5. However, the index remained in contraction for a tenth consecutive month since the services sector's last expansion in February 2014.
In the day ahead, markets will closely watch the release of US Federal Reserves (Fed) Meeting minutes due out later for further moves on the commodity currency.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8080 (5-DMA) levels, above which gains could be extended to 0.8109 (Jan 5 High) levels. On the flip side, support is seen at 0.8034 (Jan 5 Low) levels, from here it to sub 0.80 levels.
Currently, the AUD/USD traded at 0.8075 levels, down -0.12%, having posted intraday low of 0.8055 levels in the early Asian morning. The Aussie remains pressured against the greenback largely on the back of sliding commodities prices and on weaker Aussie services sector data which revealed conditions in the services industries deteriorated at a slower pace in December, with the AIG Australian Performance of Services Index improving slightly by 3.7 points to 47.5. However, the index remained in contraction for a tenth consecutive month since the services sector's last expansion in February 2014.
In the day ahead, markets will closely watch the release of US Federal Reserves (Fed) Meeting minutes due out later for further moves on the commodity currency.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8080 (5-DMA) levels, above which gains could be extended to 0.8109 (Jan 5 High) levels. On the flip side, support is seen at 0.8034 (Jan 5 Low) levels, from here it to sub 0.80 levels.