AUD USD couldn t reach to 0.7550
7/29/2016 9:00:14 AM
The AUD/USD pair again confronted refusal at 0.7550 region and disappeared primary recovery rebound to currently trade near session low level, back below 0.7500 handle. The pair got an early improvement in spite of disappointing quarterly PPI reading and monthly Private Sector Credit data. The up-move was primarily led by a broadly weaker USD, which drop sharply on the back of intense selling pressure against its Japanese counterpart as markets seemed disappointed by BOJ monetary policy decision. In the meantime, increasing prospects of additional monetary easing by RBA continues to weigh on the AUD and controlled more upside for the AUD/USD major. Markets now wait for the release of US GDP print, later during NA session, which is expected to show an annualized growth rate of 2.6% during second quarter of 2016. On the other hand, 0.7540-50 zone now seems to have arisen as immediate strong persistence. Only a persistent move above this strong persistent might negate near-term bearish view and seems to lift the pair back towards 0.7600-20 strong persistence.