AUD USD Trading almost stable
12/5/2016 3:19:35 PM
Presently, the AUD/USD pair trades almost flat at 0.7455, having recovered whole losses gotten in the Asian trades so far. The AUD presented a solid recoil together with commodities, mainly copper, driving AUD/USD back above 20-DMA barrier placed at 0.7440.
Earlier on the day, the Aussie dived as low as 0.7415 after PM Renzi accepted defeat in Sunday’s election aimed to renovate Italy’s constitution caused massive risk-aversion and weighed on higher-yielding currencies such as the AUD.
The pair finds the immediate persistence at 0.7463 above which gains could be expanded to the next obstacle placed 0.7505 and 0.7573. On the other hand, the immediate support located 0.7410. Selling pressure is likely to increase below the last, dragging the Aussie to 0.7387 and below that at 0.7365.
Written by FxErvin