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AUD/USD back above 0.8800

FXStreet (Córdoba) - AUD/USD managed to recover some ground after falling to fresh 7 ½-month low sub-0.8800 amid broad greenback strength.

AUD/USD extended losses during the Asian session and hit its lowest level since early February at 0.8791 before buyers helped the pair to regain the 0.88 mark. However, the subsequent bounce was capped by the 0.8825, keeping the Aussie vulnerable and near lows. At time of writing, AUD/USD is trading at 0.8815, recording a 0.19% loss on the day.

The Australian dollar weakened in tandem with the New Zealand dollar which fell to 1-year lows after the Reserve Bank of New Zealand said the currency was badly overvalued.

AUD/USD technical levels

In terms of technical levels, AUD/USD could find immediate supports at 0.8791 (intraday low), 0.8730 (Feb 4 low) and 0.8700 (psychological level).On the flip side, resistances are seen at 0.8735 (intraday level) and 0.8885 (Sept 25 high) and 0.8900 (psychological level).

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